Articles main 2024 - 1

EMP501 Reconciliation Prep: Five Must-Do Tasks

Articles main 2024 – 2

Please check that all the information required by the receiver of revenue is correct and complete for all employees. So you will want to draw a report from your payroll system listing the following:

a)      Address of the employee

b)      Banking details of the employee

c)      Identity number or passport number

d)     Tax reference number

Reconcile all tax payments made to the receiver of revenue to the figures declared on the EMP201 form submitted to SARS. These must balance. If they do not balance you need to correct the issue as soon as possible, or make a note of why so that you can explain the differences on your annual submission. The best way to do this is to get the EMPSA from SARS. This shows the actual payments that they have recorded for the year. This can be compared with YTD totals from the payroll system. If they do not tie up then a correction can be made with the February EMP201. This means that the EMP501 reconciliation on Easyfile should not be a problem.

Check to make sure that SARS have received all your EMP201 submissions and that there are no outstanding issues that need to be dealt with. It is always a good idea to keep up to date with SARS documentation.

Articles main 2024 – Keep up to date with SARS

Remind employees with company cars or car allowances to record their mileage from 1 March. Ensure company car details are accurately recorded in the payroll system.

Make sure that all the earnings and deductions are listed under the right Payroll Codes (a list is available on the SARS website). In addition, make sure you have all the information for any retirement annuities you have been processing.

It is a useful exercise to run a ‘test IRP5 upload’ as this can show any oddities like negative 3601 income and negative non-retirement funding income which can be corrected in the February payroll. This also throws up incomplete addresses, business telephone numbers, retrenchment payments without directive numbers etc. These all have to be correct before Easyfile will accept the upload file.

For any assistance or queries, don’t hesitate to contact our Helpdesk at help@paymaster.co.za

Wishing you a smoothe and successful submission period!

Articles main 2024 - Tax Year EMP501 guide 2024

1 March tax year-end filing: EMP501 guide

The Annual EMP501 Reconciliation Submission period is from 1 April 2024 – 31 May 2024.

Step 4

Step 6

If this feels to overwhelming, consider joining the many happy Paymaster clients. Contact our Helpdesk for additional information.

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Interim Tax Reconciliation Season 2023 Article

September Interim Tax Reconciliation Season 2023

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Goodbye August – this means it’s time for filing the Interim tax reconciliation.

The Employer Interim Declaration (EMP501) submission opens mid-September, and must be made by 31 October. Employers must reconcile their Monthly Employer Declarations (EMP 201) for the first 6 months of the reconciliation year (1 March to 31 August).

Useful information to check to prepare your submissions for this half-year reconciliation season:

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  • employee address (postal and residential)
  •  Employee bank account details
  • Employee Income Tax Number
  • Valid employee Identity number
  • Payroll figures for PAYE, UIF and SDL actually paid
  • Register your company on E@syFile , if you have not done so. (Download from the SARS website).
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Please note: tax certificates are not issued at this time (only at financial year end, or when an employee leaves the company).

If the thought of another employee tax filing experience leaves you weak at the knees, consider signing up with Paymaster Payroll Solutions. We will reconcile all the tax information monthly, leaving you to focus on your core business functions. You will wonder why you waited so long to do this! Contact our help desk at help@paymaster.co.za for a quote.

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SARS will again provide employers with an opportunity to test the updated e@syFile™ Employer build before the formal release opening on 18 September 2023 for the Employer Interim Reconciliation.

See the Business Requirements Specification here – SARS_PAYE_BRS – PAYE Employer Reconciliation_V22.1.1 for the Employer Interim Reconciliation submission period 202308.

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