The 2015 Employer Interim Reconciliation period is underway. Here's what you need to know to make the October deadline
The 2015 Employer Interim Reconciliation for the period 1 March 2014 to 30 August 2014 officially began on 1 September 2014.
What does this mean for you as an employer?
It means you must comply with tax law and make your reconciliation submission to SARS before the 31 October 2014 deadline.
Keep reading as we tell you more about this process so you can make your submission on time and avoid penalties.
The Digital Practical Tax Handbook has:
*********** Advertisement ************
Quick and easy search functions
Useful printable templates, checklists and source documents
for your special launch price of R1499. That's a 16% saving!
Here's what you need to know about the 2015 Employer Interim Reconciliation period
According to SARS, the interim reconciliation
is meant to:
Help you make easier and more correct annual reconciliation submission in April next year;
Help you keep an up-to-date employee database; and
Register employees for income tax purposes, as needed.
You have to send your reconciliation submission using eFiling or e@syFile™ Employer before the 31 October 2014 deadline.
How do you do this?
As SARS explains on its website, you must download the latest version of e@syFile™ Employer. After this, import the electronic IRP5/IT3 (a) CSV files from your current payroll system into e@syFile™ Employer.
To reconcile your EMP501, you must capture all additional manual IRP5/IT3(a)s. e@syFile™ Employer will use the information from all the tax certificates to automatically calculate the certificate totals for your EMP501. You must then enter your monthly liabilities, payments and Employment Tax Incentive (ETI) information, if applicable and e@syFile™ Employer will calculate the rest.
Warning: Make your submission electronically! SARS no longer accepts manual payroll tax forms
In August, we reported
that SARS will no longer accept any manually completed payroll tax forms that you
drop off at a SARS branch or post. This includes the Employer Reconciliation Declaration (EMP501) and Employee Tax Certificates (IRP5/IT3(a)).
SARS will only make an exception for employers with a maximum of five IRP5/IT3(a)s. In such cases, you can still go into a SARS branch where an agent will help you capture these IRP5/IT3(a)s and the EMP501.
Now that you have this information, make your submission before the 31 October 2014 deadline.
In fact, SARS says, 'submit your reconciliation submission sooner, rather than later. This will give you time to resolve any problems before the deadline.'
PS. Here are 47 things you never knew about allowances and deductions
that can put money back in your pocket... There's nothing better than getting money back from SARS.
Note: 5 of 1 vote