4018 on IRP5 - Do I claim on this or not?
By Evan Robinson · Updated
I have no external RA or income protection policies, just what ever the company offers. I see that I have a 4018 deduction on my IRP5 for R980. When doing my tax returns do I select I have a RA/income protection on the form wizard which populates the fields to enter? Do I fill this amount in, as if I do I break even and then do not owe, but if I leave it out I owe SARS.
I was told that this was not to be filled in as its a deduction on my IRP5 and is already calculated but I do not see it anywhere in the deductions, unless I enter it in.
I was told that this was not to be filled in as its a deduction on my IRP5 and is already calculated but I do not see it anywhere in the deductions, unless I enter it in.
No you must include this amount under the Income Protection field else you will owe SARS. Who told you not to complete it?
The SARS consultants, they said that only if its external and is not reflecting on my IRP5 should I enter it. I do not have a tax certificate for it as it is aid by my employee. Will the IRP5 suffice as proof?
That is untrue, if you do not include it under the income protection code it will not be deducted and you will owe SARS. You must complete the Retirement section.