Taxable Benefits
By Marc Sevitz · Updated
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
No it will not form part of your taxable income for the 2015 or 2016 year of assessment.
Thank you Tim
Why would this not be part of the taxable income and was it part of 2014-2015 tax period
Why would this not be part of the taxable income and was it part of 2014-2015 tax period
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.