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ssia tax

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  • 16-01-2007 4:43pm
    #1
    jobless
    Registered Users Posts: 2,183 ✭✭✭


    hi,

    My ssia has recenlty matured and i got a statement from the bank telling me what was in it, charges etc.
    It was an investment ssia and i had been saving the full amount for the 5 years. When i got the statement it said i was charge 1300 in tax on maturity.....i didnt realize i was getting taxed at all.
    Just wondering if anyone else had been chrged this much.......its a large chunk of the government portion over the five years....

    cheers


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    #2
    govinda
    Closed Accounts Posts: 213 ✭✭govinda


    Hi

    You will be charged (i think 23%) on the growth, i.e. your contributions and the government topup are not taxed but any profit/earnings made on this amount either through deposit interested earned or an increase in equity investments is taxed.

    HTH


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    #3
    Idleater
    Registered Users Posts: 6,236 ✭✭✭Idleater


    What Govinda is trying to say is that you are charged DIRT tax.

    All interest was paid to the account net of tax.

    L.


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    #4
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    Indeed it is DIRT, and charged at 20%. The 23% tax figure quoted in relation to SSIA accounts is an early exit tax, but since yours has matured then this isn't applied. The early exit tax is charged on everything too, so basically you loose practically all of the government contribution for backing out early.


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