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Tax on provident fund payout

Aug 28 2013 17:07
Fin24
A Fin24 user wants to know about the tax implications on a payout from a provident fund. He writes:

My wife passed on and I received a payout from her work's provident fund as well as the company's group life policy.

This adds up a few R100K. Please advise the tax implications for me.

Gustav Potgieter of Aurum Trust responds:

The money can be taxed or not, depending on the following: Is the group life approved (taxable on payout) or unapproved (no tax paid on death).

If you can provide me with more details, I will be able to assist you better.

- Fin24

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