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IRP5 form reflecting less periods than worked, but correct remuneration.

Posted 14 November 2014 under Tax Questions

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My company was acquired by 24.com halfway through last year.
On my IRP5 form it lists 4 periods since we were taken over, but only 6 periods for the time prior to that instead of 8 to make up the full 12 tax months that I was working for.

The remuneration is correct and reflects my payment for all 12 months, but with only 10 periods reflecting and not 12, I am nervous SARS will assume I am paid more monthly than I actually am and move me into a higher tax bracket or claim more tax from me? Please can you advise, I want to submit my IRP5 in time but not its financially detrimental to me and my other colleagues and payroll doesn't seem to know what's potting.
Thank you!

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TaxTimTaxTim says:
14 November 2014 at 12:45

It should not make a difference. You earned the same income through the year anyway and you are taxed on total income earned regardless of the number of months worked.


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