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How do I treat pension pay out in my tax reurn?

Posted 28 June 2015 under Tax Questions

Lukas says:
23 June 2015 at 9:42

Say if I have worked for 2 employers during the tax year and received a pension pay out from the previous employer. How do I treat this pension pay out in my tax return?

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TaxTimTaxTim says:
23 June 2015 at 9:54

Tim will guide you through the pension pay-outs and how it should be entered in the return, just make sure in your SETUP (under TaxTim's face) you go and select schedule 4 which relates to pension pay out from withdrawal and resignation. Just to warn you, the pay-outs are taxable in full if the pension fund was not transferred to a new fund, i.e. if you take the cash. The pension was supposed to provide you with a tax directive with a tax certificate stating the amount paid out and the tax deducted. Please submit this with your tax return.


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