Government Employees: Don’t make this tax mistake with gratuity/lump sum

[@sylviamaimane1409]

I must consult with you in April

[@DhevanNaicker]

@sylvia, You can pay for and book a private consult here: www.retirevsresign.co.za/consult/ Please take note of the requirements.

[@corneltessendorf8054]

So, if I have gepf and a private retirement annuity and severance pay, it will all be influencing each other?

[@corneltessendorf8054]

And if HR submitted the severance to sars already, is it too late to benefit from the pre98 on the pension fund?

[@DhevanNaicker]

@cornel, well done. You understand this well

[@DhevanNaicker]

@cornel, your Financial Planner needed to do this planning in advance for you

[@corneltessendorf8054]

@ is it too late now. I only got the quote from HR for severance, they said they are awaiting the sars directive. I have not made my GEPF decision yet (employed since 1993), and my private retirement annuity mature in August '25. Would it still help to get a financial planner?

[@User-i1r2d]

My retirement lumpsum from pension fund was less than R300 000 and sars taxed R40k , is this right?

[@DhevanNaicker]

@Ravin, there are a number of factors SARS considers when doing this. The planning needed to be done in advance in order to have avoided the tax

[@mangensukilufya1233]

Simple😂😂😂

[@mangensukilufya1233]

SARS OFFICIALS ARE NOT FAIR. EVEN WITH EVIDENCE THEY DONT REFUND.