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Retrenchment on IRP 5

Posted 27 July 2015 under Tax Q&A

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Carmen says:
27 July 2015 at 11:08

If I was retrenched and paid out, where to do I put the amount that I was paid out and how does this effect my tax return?

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TaxTim TaxTim says:
27 July 2015 at 17:40

Your employer will issue you with an IRP5 tax certificate reflecting the gross amount of the benefit and the employees tax that was deducted. You will need to declare this in your annual income tax return. Upon opening your tax return, the details from this IRP5 should automatically be populated in the tax return. If it is not, you can add these details in manually - remember to include the Tax Directive number at bottom right of screen.


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