RETRENCHMENT/RETIREMENT TAX BENEFITS
Those facing retrenchment or retirement can look forward to better tax breaks from this year, with retrenchment or retirement tax-free payments increasing from R30, 000.00 in a lifetime to R315, 000.00, effective from the 2012 tax year. In other words, all retrenchment payments, plus retirement payments, plus lump sum payments from a pension or retirement fund on retirement or death are tax-free until the combined total of such payments reaches […]
