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What is the correct code for tax return completion for a severance package received if retrenched?

Posted 3 July 2013 under Tax Q&A


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Should a package offered by an employer to an employee that gets retrenched (un-voluntarily) be recorded in the IRP5 under code 3901 or a different code?

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

TaxTim TaxTim says:
3 July 2013 at 21:31

Yes the code to be used is 3901:

"Gratuities paid by an employer in respect of retirement, retrenchment or death"


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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