Won't there also be PRSI/health levy relief of up to 6%? you may need to claim this separate from tax relief:See Protocol's reply - if you make a contribution of €7,400, the tax relief will be €7,400 x 42% = €3,107, thus eliminating the higher-rate tax you paid.
Won't there also be PRSI/health levy relief of up to 6%? you may need to claim this separate from tax relief:
Claiming PRSI relief on standalone PRSA contribution
No - he should just claim PRSI/health levy relief separately as per the thread in the key posts on any off payroll contributions made (if any) and he will get whatever's due in this respect. This relief must be claimed separately though. There is no guarantee that the full 6% will be refunded as it depends on the amount earned, amount contributed, PRSI/health levy deductions in the year etc. The issue is covered in the key post thread to which I alluded above.So does Jrewing have to contribute more to get the 6%
Thanks ClubmanNo - he should just claim PRSI/health levy relief separately as per the thread in the key posts on any off payroll contributions made (if any) and he will get whatever's due in this respect. This relief must be claimed separately though. There is no guarantee that the full 6% will be refunded as it depends on the amount earned, amount contributed, PRSI/health levy deductions in the year etc. The issue is covered in the key post thread to which I alluded above.
Not necessarily. If your tax affairs for 2006 are otherwise up to date and you make such a contribution that you want to set against 2006 income then you do so and then write to Revenue with details (evidence of the pension contribution, copy of your 2006 P60 and an explanation that you are looking for pension tax relief in respect of 2006 income) and they should sort it. If you have outstanding issues with respect to 2006 income tax then you really need to sort these out regardless. Don't forget to separately claim PRSI relief on the contribution after claiming tax relief. See the key posts for more info.Hmmm....so making an AVC payment like this means I need to make a tax return for 2006?
No - the claim for backdated tax and PRSI relief can be done any time (within the normal 4 year cut-off period). If you are self employed then maybe the rules are different. The pension contribution must be made before October 31st.This has to be done by Oct 31 right ?
I have made such contributions before October 31st but made the tax/PRSI reclaims after this date and had no problem. The statement above about making the claim before October 31st is incorrect unless it applies in the case of self employed/assessed or something?Per [broken link removed] from SBP 21/10/07.
Those who make lump sum AVC payments before the October 31 tax deadline can get a tax refund against their 2006 income. However, to do this, they would need to get a tax certificate from the pension provider and would have to submit the claim to the Revenue before the deadline.
Based on the threads above this statement appears to be inaccurate?
Certainly for PAYE but I don't know what rules apply to self employed/assessed.Am I correct in assuming, tax relief/refund is available once contribution is made prior to 31 Oct, even if 2006 tax return has already been filed with Revenue.
Not sure if this is a question but yes is the answer as per the key post linked from the key posts thread in this forum.Also, PRSI/Levy relief/refund is also available from welfare on contribution paid. (subject to age based % limits)
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