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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 |
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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. |
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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 |
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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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