[imagesource: Jacques Stander / Gallo Images]
If those two words send shivers down your spine, you’re not alone. Spend one day queuing at your nearest SARS branch and you’re scarred for life.
The good news, for individuals, is that there is still time, but companies shouldn’t drag their heels when it comes to submitting detailed payroll and tax information of their employees.
Annual filing is now open for companies, with the above information to be submitted by no later than May 31, according to a recent SARS release.
SARS added that “employers who fail to submit payroll data on time may become liable for late submission penalties of up to 10% of the value of their payroll.”
Yet another reason to let the professionals handle all of this. Seth uses Galbraith | Rushby, and swears it’s one of the reasons he maintains such a youthful complexion.
BusinessTech breaks down more employer requirements below:
Employers are required to submit their Employer Reconciliation Declaration (EMP501) to SARS by 31 May, as well as outstanding monthly declarations (EMP201) and annual reconciliations (EMP501)…
Pay-As-You-Earn (PAYE) payments must be up to date and the data provided to SARS must be clean and accurate. The correct data is important so that SARS may pre-populate returns correctly and employees may submit their personal income tax returns with the correct information during the filing season for individuals.
Individual taxpayers, breathe a little easier.
You still have time before you’re required to dabble, with tax season for individual taxpayers opening on July 1.
Then these are the deadlines to bear in mind:
I always try to be one of the first through the gate when filing opens, in the hope that the sweet, sweet taste of a SARS tax refund will hit my account.
At least that way, I get to my waste my tax money, as opposed to the government doing it for me.
For those dealing with more complicated tax filings, go on, treat yourself to some assistance from the pros. You’re worth it.
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