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How much tax will be payable on the current lump sum

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A taxpayer (43 years old) was retrenched from their employment as part of a general reduction scheme and received a termination lump sum benefit of R650 000 in the current year of assessment from their employer. They had received a lump sum from their previous employer of R100 000 when the were retrenched as part of a general reduction scheme in January 2010. How much tax will be payable on the current lump sum benefit?

Reference no: EM133266580

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