Monies paid out in tax year 2015/2016 being declared in the 2014/2015 tax year
By Evan Robinson · Updated
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?
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?
No, they should provide a new IRP5 for you, or if you are over 65 then these are not taxable contributions.
Thanks Gents for the prompt answer, most appreciated.