Withdrawal Benefits
| OUTCOMES OF THIS STUD YUNIT After studying this unit, you should be able to: ✓ Understand the tax consequences for a taxpayer that receives annuities or lump sums from an employer or retirement fund ✓ Understand the tax consequences of lump sums received by taxpayers from Government Pension Funds ✓ Understand where annuities, retirement fund lump sum benefits and retirement withdrawal benefits should be included in the individual’s tax calculation ✓ Perform the tax calculation of retirement fund lump sum benefits and retirement withdrawal benefits using the applicable tax tables ✓ Understand where the retirement benefits received should be disclosed on the ITR12 tax return |