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Monies paid out in tax year 2015/2016 being declared in the 2014/2015 tax year

Posted 10 July 2015 under Tax Questions


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John says:
9 July 2015 at 15:30

I retired at the end of February 2015. My Medical Aid contribution was paid by my company for the tax year 1 March 2014 to 28 Feb 2015.
The company also paid for March, April and May 2015 and have added this amount onto my IRP 5 source code 3810 for the 2014/2015 tax year. Should these months value, which fall in the 2015/2016 tax year not be declared in the tax year they were paid?

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TaxTimTaxTim says:
10 July 2015 at 8:27

No, they should provide a new IRP5 for you, or if you are over 65 then these are not taxable contributions.


John says:
10 July 2015 at 13:10

Thanks Gents for the prompt answer, most appreciated.


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