Sars Efiling Reconcilliation Periods For Businesses: When must EMP501 be submitted 2024?

Olivia Sambo: Accountant And Owner Of Profits & Books Accounting| Bookkeeping Services

 Sars Efiling For Businesses: When Must EMP501 Be Submitted In 2024?

1. • Interim Reconciliation: Employers need to reconcile their Monthly Employer Declarations (EMP201) for the period from 1st March to 31st August.
   • Annual Reconciliation: Employers are required to submit their annual reconciliation declarations (EMP501) covering the tax year from 1st March to 28th/29th February.

2. Submission Periods:

   • Interim Reconciliation Filing Season: The submission period for the Employer Interim Reconciliation Declaration (EMP501) typically opens in mid-September and closes at the end of October.
   • Annual Reconciliation: The Employer Annual Declaration opens on 1st April and closes on 31st May.

3. Components of Reconciliation:

   • Employers need to reconcile the Monthly Employer Declarations (EMP201s) submitted, payments made (excluding penalty and interest payments), and IRP5/IT3(a)s generated (covering PAYE, SDL, and UIC values).
   • It includes the submission of accurate data such as Employee Tax Certificates [IRP5/IT3(a)s] and if applicable, a Tax Certificate Cancellation Declaration (EMP601).

4. Updates and Requirements:

   • Business Requirement Specifications (BRS) define the data submission requirements for tax certificates.
   • There are periodic updates to the PAYE Employer Reconciliation BRS, and employers are advised to stay informed about these updates.

5. Obligations and Compliance:

   • Employers must comply with the reconciliation requirements as per the published dates in the Government Gazette.

These are the salient points to consider regarding employer reconciliation based on the provided information.