SARS: Reminder EMP501 – Employer Annual Reconciliation period

SARS: Reminder EMP501 – Employer Annual Reconciliation period

• 06 May 2024
• SARS Issues
• South African Accounting Academy

The submission period for Employers’ Annual Reconciliation Declaration (EMP501) is 1 April to 31 May 2024.

Importantly, these reconciliation declarations (EMP501) must include the latest and most accurate payroll information regarding their employees, and the tax they have deducted covering the full tax year from 1 March 2023 to 28 February 2024.

The employer’s annual reconciliation must be submitted by the deadline, so that employee’s auto-assessments and tax returns can be prepared accurately.

Click here to access more information:

https://www.sars.gov.za/types-of-tax/pay-as-you-earn/

Relevance to Auditors, Independent Reviewers & Accountants:

• The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, independent reviewer, an accountant or tax practitioner, you need to be aware of the relevant deadlines to submit EMP501s.
• As an employer and taxpayer, you also need to comply with the Income Tax Act in your workplace to submit EP501s.

Relevance to Your clients:

• A taxpayer must comply with the Income Tax Act.
• Employers must comply with deadlines to submit their employer declarations (EMP501s).

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