How do I ensure that an employee's loan deduction component is not taxed?
To prevent an employee's Loan Deduction component from being taxed, enable “Is this a non fringe benefit loan?” checkbox when adding it under the Deductions section of the employee's Recurring Payroll Components screen.
Navigate > Employee > Payroll Processing > Recurring Payroll Components > Deductions
Related Articles
How do I set up a non fringe benefit loan on an employee's record?
To load a non fringe benefit Loan Deduction component, enable “Is this a non fringe benefit loan?” checkbox when adding it under the Deductions section of the employee's Recurring Payroll Components screen. Navigate > Employee > Payroll Processing > ...Why is the Loan Deduction component not reflecting on the employees Edit Payslip screen after it was added on the Recurring Payroll Components screen?
The Loan Deduction component may not reflect on the employee's Edit Payslip screen because the Loan's opening balance is R0.00. To resolve the error edit the component and increase the loan's opening balance on the employee's Recurring Payroll ...How do I configure a Non Taxable Recurring Bursary component?
The Non-Taxable Recurring Bursary component has to be configured on company level before it can be linked to an employee. Step 1: Confirm the NQF Level of the bursary and add the relevant NQF level bursary component. Navigate > Configuration > ...How do I add an interest rate on an employee's loan deduction component?
An interest rate can be inserted when adding the Loan Deduction component on the Recurring Payroll Component screen. Navigate > Employee > Payroll Processing > Recurring Payroll Components > DeductionsHow do I change the balance of employees' loan deductions?
The balance of an employee's loan deduction can be increased or decreased when the component is edited on the Recurring Payroll Components screen. Navigate > Employee > Payroll Processing > Recurring Payroll Components > Deductions