[ADVISOR VIEW] The lump sum calculation tool may be used to easily determine a member’s estimated tax liability on retirement fund lump sums and severance benefits: WouterFourie - Ascor_Wealth. PersonalFinance
Great news, the South African Revenue Service has made a lump sum calculation tool available on the taxpayer’s eFiling profile. This tool may be used to easily determine a member’s estimated tax liability on retirement fund lump sums and severance benefits and can also be used to obtain previously issued tax directives.
The tool estimates the tax liability based on the information that is entered into the lump sum calculator and the information that Sars has on its system at the time of capturing. Taxpayers and tax practitioners are encouraged to use this tool should they wish to get an estimate of their tax liability prior to submitting an instruction to their retirement fund administrator and/or employer, as the instruction cannot be cancelled once it has been submitted.
To access this lump sum calculation tool, select the ‘Lump Sum Calculator’ option on the landing page of the taxpayer’s eFiling profile. For more information, you may refer to Sars’s external ‘Guide to The Tax Directive Functionality on eFiling’. jQuery.on{ event.preventDefault; jQuery.animate ).offset.top }, 500); }); jQuery.ready { /* The following handles lightbox expansions of images in the article */ var lightbox_path=lightbox_path||"";!function{a.fn.lightBox=function{function d{return e,!1}function e{a.css,f,b.imageArray.length=0,b.activeImage=0;var h,e=!1;if)&&{h==b.getAttribute&&d.push})),1==d.length){ifvar i=jQuery.parent.next.html;else var i=c.getAttribute;b.imageArray.push,i))}else for{if==d[j].
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