Hi,
I have a standard PRSA and employee and employer the contributions are made on payroll before employee PAYE and employee PRSI
are deducted.
The company is chipping in the 10.75% employer PRSI to my pension that they would "save" by me having the pension paid via payroll. This is the extent of their contributuion.
Is this extra amount deemed BIK or not? I am under the age related limits for relief.
Looking at the ROS Form 11, it seem I may have to fill in the fields:
Taxable Benefits (not taxed at source under PAYE):
PRSAs [employers contrib]
and also
Personal Retirement Savings Accounts (PRSAs)
Only complete if you, or your employer on your behalf, made PRSA contributions. If you or your spouse availed of the Government Incentive for SSIA holders to invest some or all of your SSIA proceeds into a pension product, do not include those amounts in this Return.
(b) PRSA contributions deducted by your employer from your salary (for which no further relief is due) [employee (me!) contrib]
(c) PRSA contributions made on your behalf by your employer. Note to include this in the Taxable Benefits section of the PAYE/BIK/Pensions panel [employers contrib, also on BIK part above]
Somebody mentioned that once I was under the relief ceiling for my age group, I was not liable for BIK. I am not so sure...
Thanks!
I have a standard PRSA and employee and employer the contributions are made on payroll before employee PAYE and employee PRSI
are deducted.
The company is chipping in the 10.75% employer PRSI to my pension that they would "save" by me having the pension paid via payroll. This is the extent of their contributuion.
Is this extra amount deemed BIK or not? I am under the age related limits for relief.
Looking at the ROS Form 11, it seem I may have to fill in the fields:
Taxable Benefits (not taxed at source under PAYE):
PRSAs [employers contrib]
and also
Personal Retirement Savings Accounts (PRSAs)
Only complete if you, or your employer on your behalf, made PRSA contributions. If you or your spouse availed of the Government Incentive for SSIA holders to invest some or all of your SSIA proceeds into a pension product, do not include those amounts in this Return.
(b) PRSA contributions deducted by your employer from your salary (for which no further relief is due) [employee (me!) contrib]
(c) PRSA contributions made on your behalf by your employer. Note to include this in the Taxable Benefits section of the PAYE/BIK/Pensions panel [employers contrib, also on BIK part above]
Somebody mentioned that once I was under the relief ceiling for my age group, I was not liable for BIK. I am not so sure...
Thanks!