SOURCE CODE DESCRIPTIONS IRP5 code 4018

Deduction codes

In the electronic file IRP5 code 4018 is used for: Premiums paid for loss of income policies.This code is only applicable from the 2006 year of assessment to the 2015 year of assessment.

The prescribed Length of IRP5 code 4018 in the electronic file is: N15

The abbreviations used within the description of the relevant codes mean:
• PAYE: Income is subject to the deduction of Employees’ Tax and will also be taxed when the income tax assessment for the employee is processed.
• IT: Income is not subject to the deduction of Employees’ Tax but will also be taxed when the income tax assessment for the employee is processed.
• Excl: Income is not subject to the deduction of Employees’ Tax and will also not be taxed when the Income Tax assessment for the employee is processed.
• Excl/PAYE: Depending on the circumstances described in the legislation, the income is either subject to both PAYE and Income Tax, or it is excluded from both PAYE and Income Tax