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IRP5 form reflecting less periods than worked, but correct remuneration.

Posted 14 November 2014 under Tax Q&A


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My company was acquired by 24.com halfway through last year.
On my IRP5 form it lists 4 periods since we were taken over, but only 6 periods for the time prior to that instead of 8 to make up the full 12 tax months that I was working for.

The remuneration is correct and reflects my payment for all 12 months, but with only 10 periods reflecting and not 12, I am nervous SARS will assume I am paid more monthly than I actually am and move me into a higher tax bracket or claim more tax from me? Please can you advise, I want to submit my IRP5 in time but not its financially detrimental to me and my other colleagues and payroll doesn't seem to know what's potting.
Thank you!

This entry was posted in Tax Q&A and tagged , . Bookmark the permalink.

TaxTim TaxTim says:
14 November 2014 at 12:45

It should not make a difference. You earned the same income through the year anyway and you are taxed on total income earned regardless of the number of months worked.


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