Blog Q&A Calculators Students Logbook Contact
Earn under R350,000?Click here to see why you still need to file to get your Tax Refund.
CLOSE
Need Help with your 2017 Tax Return?

Get your Tax Return DONE in 20 minutes or less with TaxTim!

Click here

Retrenchment on IRP 5

Posted 27 July 2015 under Tax Q&A


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
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?

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

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.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started