n Tax Breaks Newsletter - Windfall for lower-income retirees : Budget 2014
|Article Title||Windfall for lower-income retirees : Budget 2014|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Tax Breaks Newsletter|
|Publication Date||Mar 2014|
|Pages||6 - 7|
National Treasury has proposed an increase in the tax-free lump-sum amount paid from retirement funds from R315 000 to R500 000. This will be beneficial to (especially) lower-income earners, who may in the past have been required to pay tax on their lump sum in retirement, even though they weren't entitled to a deduction while working since their taxable income were below the tax-free threshold.
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