Tax season 2013 – submission of PHI tax certificates

In recent communication between SARS and ASISA it was confirmed that an IRP5 or IT3(a) certificate will serve as confirmation of payment of income continuation insurance premiums towards a policy issued to the employer, for the purposes of the employee’s claim for a tax deduction.

Therefore, if the income continuation policy is in the name of the employer the IRP5 is sufficient and employees will not be required to submit a tax certificate when submitting their return, however, if the policy is in the name of the member the underwriter will need to issue a certificate.

Should you require more information, please contact your Associate or the office.

Thank you and regards,
The TSA Team

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