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Provident fund payout in 2013 assessment year

Posted 10 July 2013

Hi Tim, I received an IRP5 for provident fund for Year of assessment 2013. I included the amount of R416 363 (source code 3920) in my "income received" column, on the IRP5 they included this amount in the "Gross Non-retirement Funding Income" (source code 3698) column. However when I include it in this column on my return I get a message that the calculations does not add up.

I eventually included in the "Gross Retirement Funding income" (source code 3697) column (which is not correct) and they calculated it. BUT NOW my inital calculation was tax refund of R 4800 but after the second calculation I'm down to R0!!

PLEASE HELP!!!??

TaxTim TaxTim says:
15 July 2013 at 19:38

You should not be receiving a tax refund from this as the tax would be paid when they released the amount and this is based on a final amount according to different tables. W

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