Every year employers need to comply with the requirement to submit their Employer Annual Reconciliation. But it is not just a matter of compliance – it is also an important part of ensuring an efficient and effective tax administration for our country by paving the way for the annual tax season for individuals.
The deadline to submit your Annual Reconciliation for the period 1 March 2013 to 28 February 2014 is
Friday 30 May 2014. So please submit your reconciliation early as this will give you time to resolve any issues which may arise.
Remember to use the latest version of
[email protected]™ Employer available which is a free a quick, easy and accurate way to complete your declaration. You can download it from the eFiling website
www.sarsefiling.co.za
Always backup your current information on your computer before installing a new version of
[email protected]™ Employer, as the installation may delete your current information.
This year there are a number of changes that have been introduced into the annual reconciliation process, one of the key ones being the need to include government’s new Employment Tax Incentive (ETI).
The ETI came into effect on 1 January 2014 to encourage private sector employers to employ young work seekers by providing a tax incentive. Qualifying employers are able to claim the ETI and reduce the amount of Pay-As-You-Earn (PAYE) payable to SARS.
To see if you are a qualifying employer or employed qualifying employees visit
www.sars.gov.za > Tax Types > PAYE > Employment Tax Incentive. Any amounts claimed for ETI on your Monthly Employer Declaration (EMP201) must be included in the spaces provided when completing your annual reconciliation submission.