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I would like to know what is IRP5 is?

Posted 30 November 2015 under Tax Questions



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Scandal says:
29 November 2015 at 10:20

I just want to know what is IRP 5 CERTIFICATE FOR LUMSPSUM. Ian if the say gross lumpsum is 7500 what that means. Can I get the best explanation please. Thnx

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TaxTimTaxTim says:
30 November 2015 at 16:19

This would be issued to you when you withdraw from a retirement fund (e.g. person, provident or retirement annuity).
The IRP5 (if there was tax deducted) or IT3A (if no tax) would detail the gross income withdrawn as well as the related tax, if applicable. This certificate needs to be included in your tax return.

Please Register for TaxTim and let us assist you to complete and submit your tax return to SARS.


Scandal says:
30 November 2015 at 17:05

So how do I go about in claiming for my Provident fund and my gross lump sum?


TaxTimTaxTim says:
30 November 2015 at 21:37

If you received an IRP5, that would mean your lump sum has been paid out to you and the relevant tax amount has been withheld. Unfortunately, the lumpsum tax is calculated and withheld when you withdraw from the fund and this will not be adjusted or reduced and therefore you cannot claim anything against it.

Please see our Lump sum calculator to see the tax you should pay on your lump sum withdrawal.


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