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4018 on IRP5 - Do I claim on this or not?

Posted 12 July 2015 under Tax Questions



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Zuhair says:
9 July 2015 at 12:18

I have no external RA or income protection policies, just what ever the company offers. I see that I have a 4018 deduction on my IRP5 for R980. When doing my tax returns do I select I have a RA/income protection on the form wizard which populates the fields to enter? Do I fill this amount in, as if I do I break even and then do not owe, but if I leave it out I owe SARS.

I was told that this was not to be filled in as its a deduction on my IRP5 and is already calculated but I do not see it anywhere in the deductions, unless I enter it in.

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TaxTimTaxTim says:
10 July 2015 at 8:39

No you must include this amount under the Income Protection field else you will owe SARS. Who told you not to complete it?


Zuhair says:
11 July 2015 at 7:05

The SARS consultants, they said that only if its external and is not reflecting on my IRP5 should I enter it. I do not have a tax certificate for it as it is aid by my employee. Will the IRP5 suffice as proof?


TaxTimTaxTim says:
12 July 2015 at 22:05

That is untrue, if you do not include it under the income protection code it will not be deducted and you will owe SARS. You must complete the Retirement section.


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