A taxable benefit shall be deemed to have been granted where the employer has provided the employee with residential accommodation either free of charge or for a rental consideration which is less than the value of such accommodation. The value of the fringe benefit is based on a formula, as outlined in SARS’ Guide for Employers in Respect of Fringe Benefits here.
SimplePay has a built-in item to accommodate the special tax and reporting requirements related to accommodation benefits. To add an accommodation benefit:
- Go to Employees and select the relevant employee.
- Click on Add (next to Regular Inputs) > Accommodation (under Benefit).
- Enter the value of the fringe benefit, calculated in accordance with the guide provided by SARS.
- Click Save.