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30 May 2013 – Deadline for Employer Payroll Submissions to SARS

30 May 2013 – Deadline for Employer Payroll Submissions to SARS

Deadline for Employer Payroll Submissions to SARS

Pretoria 30 May 2013 – The South African Revenue Service (SARS) wants to remind employers in the country that the deadline for them to submit their payroll data to SARS is tomorrow, Friday 31 May 2013.

The 2013 Employer Annual Reconciliation Period runs from 1 April to 31 May 2013. During this period Employers are required to submit their Employer Reconciliation Declaration and Employee Tax Certificates (IRP5 certificates) to SARS.

This payroll data is a reconciled account of what amounts of tax the employer has deducted from the monthly salaries of its employees and what amount of tax has been paid to SARS on behalf of the employee. It also records other allowances employers pay to their employees as part of their remuneration benefits.

Tomorrow’s deadline for employers is for the transaction period 1 March 2012 to 28 February 2013, in respect of Monthly Employer Declarations submitted, payments made and IRP5/IT3(a)s generated.

The Employer Reconciliation process is a crucial first step in the wider Income Tax process. Without the completion of the Employer Reconciliation process, SARS cannot issue taxpayers registered for Income Tax with a complete pre-populated income tax return when the 2013 Tax Season for individuals and trusts commences on 1 July this year.

To date 197 804 companies have submitted their payroll data to SARS, compared to 187 016 companies for the same period last year. Companies who fail to submit payroll data on time may become liable for late submission penalties of up to 10% of the value of their payroll.

For more detail on the PAYE process, employers can visit the PAYE page on the SARS Website (http://www.sars.gov.za)

ENDS.

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