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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
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
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
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
