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Taxable Benefits

Posted 12 August 2015 under Tax Q&A


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Natalie says:
12 August 2015 at 12:32

Our company provides a contribution towards provident fund based on 15% of basic salary. Does this form part of your taxable income. Were should it be recorded on the IRP5

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

TaxTim TaxTim says:
12 August 2015 at 14:58

No it will not form part of your taxable income for the 2015 or 2016 year of assessment.

Natalie says:
12 August 2015 at 15:06

Thank you Tim

Why would this not be part of the taxable income and was it part of 2014-2015 tax period

TaxTim TaxTim says:
12 August 2015 at 15:18

Provident Fund contributions by employers was not considered a taxable fringe benefit, however from the 2017 tax year it will be and you will also be able to claim a deduction.


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235 DAYS
LEFT OF
TAX SEASON
2017


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