Employer Reconciliation Declaration (EMP501)


Submission of your Employer Annual Reconciliation (EMP501) and Employee Tax Certificates [IRP5/IT3 (a) s] is due from 1 April to 31 May for the transaction periods of:

  • Interim period: transaction period from 1 March to 31 August or
  • Annual period: full tax year from 1 March to 28/29 February.

The interim reconciliation was introduced in September 2010 and was intended to assist employers by:

  • Enabling an easier and more accurate annual reconciliation submission
  • Maintaining an up-to-date employee database and
  • Registering employees for Income Tax purposes, as required.
Employer Reconciliation Declaration (Emp501)

 

 

 

 

 

 

Summary of what is required:

  • Deduct the correct amount of tax from employees
  • Pay this amount to SARS monthly
  • Reconcile these deductions and payments during the annual and the interim reconciliation and
  • Issue tax certificates to employees.

SARS can impose penalties if the submission is late, inaccurate or does not balance. Beat the deadline of 31 May by submitting your EMP501 Reconciliation early.

Speak to our Professional Accountants & Tax Consultants, who can assist in completing this accurately and timeously for you.