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Tax on RA withdrawals


RPWilliams

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Hi everyone

I'm investigating the financial emigration process and I have a couple of questions around the taxation of the withdrawals from RA's.

I have a couple of RA's that individually fall under the "(27% of lump sum exceeding R660,000 + R114,300)" bracket but together, but exceed that when combined.

Would the tax on withdrawal be calculated individually or as a single withdrawal? (Does it matter that the two RA's are with different financial institutions?)

Thanks in advance for any constructive information

Regards
Ricardo Williams

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Good morning from Cape Town

 

Each fund is calculated individually yet the tax table is a once in a life time aggregate table 

 

It often happens that on the directive they calculate to slow tax rate but on assessment the aggregate and you need to pay in

 

So in short the tax rate is one calculating the aggregate over a life time lump sums from retirement funds, resignation lump sums and often leave pay lump sums 

 

Welcome to inbox me as I do formal emigrations 

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