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Retirement Lump Sum Benefit

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Withdrawal Benefit

2022 tax year (1 March 2021 – 28 February 2022) – No changes from last year 

Taxable income (R)Rate of tax (R)
1 – 25 0000%
25 001 – 660 00018% of taxable income above 25 000
660 001 – 990 000114 300 + 27% of taxable income above 660 000
990 001 and above203 400 + 36% of taxable income above 990 000

2021 tax year (1 March 2020 – 28 February 2021) – No changes from last year

Taxable income (R)Rate of tax (R)
1 – 25 0000%
25 001 – 660 00018% of taxable income above 25 000
660 001 – 990 000114 300 + 27% of taxable income above 660 000
990 001 and above203 400 + 36% of taxable income above 990 000

2020 tax year (1 March 2019 – 29 February 2020) – No changes from last year

Taxable income (R)Rate of tax (R)
0 – 25 0000%
25 001 – 660 00018% of taxable income above 25 000
660 001 – 990 000114 300 + 27% of taxable income above 660 000
990 001 and above203 400 + 36% of taxable income above 990 000

Retirement & Death Benefits or Severance Benefits

2022 tax year (1 March 2021 – 28 February 2022) – No changes from last year 

Taxable income (R)Rate of tax (R)
1 – 500 0000% of taxable income
500 001 – 700 00018% of taxable income above 500 000
700 001 – 1 050 00036 000 + 27% of taxable income above 700 000
1 050 001 and above130 500 + 36% of taxable income above 1 050 000

2021 tax year (1 March 2020 – 28 February 2021) – No changes from last year 

Taxable income (R)Rate of tax (R)
1 – 500 0000% of taxable income
500 001 – 700 00018% of taxable income above 500 000
700 001 – 1 050 00036 000 + 27% of taxable income above 700 000
1 050 001 and above130 500 + 36% of taxable income above 1 050 000

2020 tax year (1 March 2019 – 29 February 2020) – No changes from last year 

Taxable income (R)Rate of tax (R)
0 – 500 0000% of taxable income
500 001 – 700 00018% of taxable income above 500 000
700 001 – 1 050 00036 000 + 27% of taxable income above 700 000
1 050 001 and above130 500 + 36% of taxable income above 1 050 000

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