The annual employer reconciliation for the 2018 financial year has opened and returns are due to the South African Revenue Services (SARS) by 31 May 2018.
Next Steps for your SARS submission:
Employers who are registered with SARS for PAYE (Pay-As-You-Earn), SDL (Skills Development Levies) and UIF (Unemployment Insurance Fund) must submit an EMP501 return for the period 1 March 2017 to 28 February 2018. Your EMP501 submission should reconcile to any monthly returns submitted (EMP201) and payments processed for the period. Upon successful submission, employers are required to issue employees with their IRP5/IT3(a) certificates for personal Income Tax purposes.
In addition, an annual return must also be submitted to the Department of Labour for the same period and is also due for submission to Department of Labour by 31 May 2018.
NOTE: The Department of Labour will impose a 10% penalty fee of the actual remuneration amount for all submissions received after the due date.
Next Steps for your Return of Earnings Submission:
Employers are required to submit their actual earnings for the period 1 March 2017 to 28 February 2018, as well as provisional earnings for the period 1 March 2018 to 28 February 2019, by applying the relevant threshold amounts for the submission. The maximum amount of earnings increased from R403,500 to R430,944 per annum with effect from 1 March 2018.
When you’ve submitted and paid the annual return, employers can obtain a Letter of Good Standing from the Department of Labour. If you need help with these submissions, or have any questions, please contact your Moore Stephens office.