Quick: Submit your Employer Annual Reconciliation tax certificates to SARS by next Friday to avoid penalties!
The 2013 Employer Annual Reconciliation period has been open from 1 April. If you haven't submitted your documents to SARS yet, best you get a move on as you have a week-and-a-half to get them to SARS! Here's what you need to do...
The 2013 Employer Annual Reconciliation or 'employer tax season' runs until 31 May – that means you have until next Friday to get your Employer Reconciliation Declaration and Employee Tax Certificates or IRP5s for the period 1 March 2012 to 28 February 2013 to SARS.
Here's why employees start asking for their IRP5s around this time of year…
Best you do so, as pedantic employees will start asking you for a copy of their IRP5 forms from 1 June, when the employer reconciliation period closes, says MoneywebTax.
This is so that they can compare this to the one you submitted to SARS when employee tax season opens on 1 July.
They'll check that their IRP5 details such as their address is correct, as well as their employment income and deductions and the amount of PAYE paid.
But they'll also be double-checking that all information is correct as SARS can impose penalties of up to 100% of the tax effect of the error, for any errors that arise from "failure to take due care" in completing their tax returns, explains MoneywebTax.
Revealed: All you need to do to submit your 2013 Employer Annual Reconciliation documents to SARS on time
To submit these forms to SARS correctly, you'll need to make sure you're using the latest version of SARS e@syFile™ Employer software.
Then, all you need to do is import the electronic IRP5 files in CSV format from your current payroll system into e@syFile™ Employer.
It won't take too long if you get started right away!
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