How do I ensure that an employee's Loan Deduction component is not taxed?
This feature is available on all PaySpace editions
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?
This feature is available on all PaySpace editions 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 ...Payroll Processing | Recurring Payroll Components
A Recurring component refers to a regularly appearing component in an employee's payroll that is a part of the employee's regular compensation package. These components are calculated and included in each pay period, and are an essential part of an ...How do I set up a Recurring Bursary component that is non-taxable?
This feature is available on all PaySpace editions The Non-Taxable Recurring Bursary component has to be configured on company level before it can be linked to employees. Step 1: Confirm the NQF Level of the bursary, and then add the applicable ...Why is the Loan Deduction component not reflecting on the employees Edit Payslip screen after being added on the Recurring Payroll Components screen?
This feature is available on all PaySpace editions The Loan Deduction component may not reflect on the employee's Edit Payslip screen because the loan's opening balance is R0.00. Navigate > Employee > Payroll Processing > Recurring Payroll Components ...How do I add a loan deduction to an employee's payslip?
This feature is available on all PaySpace editions A Loan Deduction component has to be configured on Company Level prior to adding the component to an Employee Payslip. Step 1: Search for and select the Loan Deduction component. Navigate > Config > ...