The 2014 Employer Annual Reconciliation period starts tomorrow
The 2014 Employer Annual Reconciliation period runs from the 1st of April to the 30th of May 2014.
During this period, you must submit your Employer Reconciliation Declaration (EMP501) and Employee Tax Certificates (IRP5s) for the period of 1 March 2013 to 28 February 2014.
But how do you go about doing this?
Attention Finance and Payroll managers
Do you know:
Follow these two steps to ensure your2014 Employer Annual Reconciliation period goes smoothly
#1: SARS says in preparation for this period, e@syFile™ Employer has been updated for your convenience. Just go to the SARS website to download the software.
But they warn that before you download the latest version of e@syFile™ Employer from the SARS website, you need to back up your current information on your computer first, in case installing the latest version deletes your old information.
'Then, all you need to do is import the electronic IRP5 files in CSV format from your current payroll system into e@syFile™ Employer.'
#2: SARS also adds that before you submit your reconciliation; make sure you've updated critical items like the postal address information of your employees as the old unstructured postal address format won't be accepted. Click here if you want more info on this.
Warning: Don't leave your 2014 Employer Annual Reconciliation period submission to the last minute!
If you want peace of mind, submit your EMP501 and IRP5s as soon as possible. Don't wait for the deadline (30th of May 2014) to approach.
'The earlier you submit, the more time you'll have to rectify any reconciliation problems,' says the South African Institute of Tax Professionals (SAIT).
The institute adds that legislation empowers SARS to impose penalties for failure to submit, late or inaccurate submissions, or reconciliations which don't balance.