From 1 March 2023, the tax-free amount that can be taken as a lump sum payout from a retirement fund increased by 10%, from R25 000 to R27 500 before retirement, and from R500 000 to R550 000 at retirement (the previous and new tax tables are included in the Appendix below). These tables were last amended in 2014. But just because the tax-free amounts have increased, it does not necessarily mean that R50 000 or R2 500 of your next lump sum taken from 1 March 2023 will be tax-free – the R550 000 and R27 500 “lifetime” caps apply, as shown in Tables 1 and 2 and discussed in detail below.

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