PRETORIA, 22 May 2015 – Employers are reminded that all Employer Annual Reconciliation Declarations (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] and, where applicable, Tax Certificate Cancellation Declarations (EMP601) for the period 1 March 2014 to 28 February 2015 must be submitted to SARS by 29 May 2015.
It is crucial for Employers to submit their annual reconciliation within the deadline in order for SARS to issue taxpayers with IRP5/IT3(a) certificates. These allow people to file their personal income tax returns on time during Tax Season, which commences on 1 July 2015.
There are three elements on the EMP501 that must reconcile for the reconciliation submission to be successful. These are:
- Monthly Employer Declarations (EMP201s) reflecting your monthly PAYE, UIF and SDL;
- Payments made (excluding penalty and interest payments); and
- Employee Tax Certificates [IRP5/IT3(a)s] generated.
By requesting a Statement of Account after a submission, employers can view any outstanding Debt, Outstanding Returns and Unallocated Payments.
It is important to note that declarations can be submitted via eFiling, which is available to employers submitting up to 20 Employee Tax Certificates [IRP5/IT3(a)s] or via [email protected]™ Employer (any number of tax certificates). Remember, manually completed payroll tax forms which are posted or placed in a drop-box at a SARS branch, are no longer accepted.
SARS’ online submission channels are available 24/7 and allow employers to submit declarations at their convenience. Employers are encouraged to avoid the last-minute rush and ensure that they have enough time for corrections if required. Copies of all declarations submitted must be kept for a minimum period of five years.