SARS Bi-Annual returns on payroll
16 September 2024 – The Employer Interim reconciliation opens 16 September 2024 to 31 October 2024 for the 2025 Employer Filing Season
Who is it for?
Employers need to submit their reconciliation
What is Reconciliation?
It involves an employer submitting an accurate Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601).
The three elements that must reconcile in order for your submission to be successful are the:
- Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Contributions (UIC) amounts due and Employment Tax Incentive (ETI), if applicable]
- Payments made (excluding penalty and interest payments)
- IRP5/IT3(a)s generated – PAYE, SDL and UIC values
When and how should submissions be made?
Reconciliation declarations should be submitted twice during year of assessment, for the:
- Interim period – which is for the six month period 1 March to 31 August
- Annual period – which if for the full year 1 March to 28/29 February.
The Business Requirement Specification (BRS) defines the data submission requirements for the tax certificates [IRP5/IT3(a)s], and the reconciliation for PAYE, SDL, UIC and/or ETI, if applicable.