An employer is required to submit an Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601) by the 30th of October 2015.
There are three elements you need in order for your submission to be successful;
- Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Fund (UIF) amounts due and Employment Tax Incentive (ETI), if applicable.
- Payments made (excluding penalty and interest payments).
- IRP5/IT3(a)s generated – PAYE, SDL and UIF values.
Who does Employer Interim Reconciliation apply to and how should submissions be made?
Employer Interim Reconciliation needs to be submitted twice a year by employers;
- Interim period – which is for the six month period 1 March to 31 August
- Annual period – which if for the full year 1 March to 28/29 February
We recommend you complete your reconciliation online, this is the quickest and most convenient option!
If you require help with these forms or have any other tax or accounting questions, please contact PATC (Professional Accountants and Tax Consultants) today!
Information sourced: http://www.sars.gov.za/TaxTypes/PAYE/Pages/PAYE-Annual-Reconciliations.aspx