Dear Client,
EMPLOYER ANNUAL RECONCILIATION – 2016 Tax Year
Your Employer Annual Reconciliation Declaration (EMP501), Employees Tax Certificates IRP5/IT3(a)’s, and where applicable, Tax Certificate Cancellation Declaration EMP601 for the period 1 March 2015 to 28 February 2016 must be submitted to SARS no later than 31 May 2016.
It is important to submit your EMP501 forms and to issue the IRP5/IT3 certificates to your employees on time as they will need the IRP5/IT3(a) certificates to file their own income tax returns during tax season, starting July 2016. There are 3 elements on the EMP501 that must reconcile for the reconciliation submission to be successful. These are:
• Monthly Employer Declarations EMP201’s reflecting your monthly PAYE, UIF and SDL;
• Payments made (excluding penalties and interest paid); and
• Employees Tax Certificates IRP5/IT3(a)’s generated.
It is vital that all employers meet the deadlines set out by SARS as non-compliance will incur penalties.
Please Contact us if you need assistance here, or if you have any queries in this regard.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)