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Taxable Benefits

Posted 12 August 2015 under Tax Questions



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Natalie says:
12 August 2015 at 12:32

Our company provides a contribution towards provident fund based on 15% of basic salary. Does this form part of your taxable income. Were should it be recorded on the IRP5

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TaxTimTaxTim says:
12 August 2015 at 14:58

No it will not form part of your taxable income for the 2015 or 2016 year of assessment.


Natalie says:
12 August 2015 at 15:06

Thank you Tim

Why would this not be part of the taxable income and was it part of 2014-2015 tax period


TaxTimTaxTim says:
12 August 2015 at 15:18

Provident Fund contributions by employers was not considered a taxable fringe benefit, however from the 2017 tax year it will be and you will also be able to claim a deduction.


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