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Thread: Income Tax Return

  1. #1
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    Income Tax Return

    I have an strange question.

    I resigned from a job in 2008 and transferred my pension to a preservation fund.
    In February 2018 I received a payment from the administrators of my ex company pension fund being a surplus of some sorts. They did not contact me and just obtained a tax directive and deducted PAYE and paid me the balance. (Would have preferred to have it preserved). Upon query they sent me an IRP5 certificate. The IRP5 reflects period employed as 03/2008-03/2008.


    I expected this information to have appeared on my 2018 tax return, however, it does not. Should i contact the administrators to get them to update the information with SARS? I can update some of the information, however, details like employer paye reference number (I assume would be the pension fund administrators) i do not have and I certainly cannot update the date per the IRP5.

    Any advice on this would be appreciated.

    Thanks
    Kavesh

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    Hi,
    The IRP5 reflects period employed as 03/2008-03/2008 because that is when the surplus was determined. That period is in the 2019 tax year, which is effectively next year.

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    Quote Originally Posted by Andromeda View Post
    Hi,
    The IRP5 reflects period employed as 03/2008-03/2008 because that is when the surplus was determined. That period is in the 2019 tax year, which is effectively next year.
    Hang on, that makes no sense....The IRP5 issued to me is for the 2018 tax year. And why would 03/2008 be part of the 2019 tax year? Or did you read the year wrong on my original post?

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    Oh my bad, I read 2018, not 2008. Then you should accept the year of assessment, it's the 2nd field at the top. If that field is 2018 then it should be on the 2018 return. Getting them to change it (if it needs to be) will take a while, so your other option is manually enter the data, if you are able to (on the question answer section you would need to increase the number of IRP5s).

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    New Member Mpekza's Avatar
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    I agree with you here. 2008 returns require manual intervention from SARS and there is no telling how long it might take to finalize your return. I have one client who has been waiting for 2 and half years for their return to be finalised from 2007.

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