Newtons

SARS 2015 Employer Interim Reconciliation

2The SARS Interim PAYE Reconciliation submission season opened on 1 September 2014 and employers must submit their 6 month PAYE,SDL and UIF reconciliation for the period 201408 by 31 October.

The submission must include IRP5/IT3(a) tax certificates for the period 01 March 2014 to 31 August 2014.

No manual submissions will be accepted from 25 August 2014 if you have more than five IRP5/IT3(a) tax certificates to submit. All EMP201, EMP501, IRP5/IT3(a), EMP601 and EMP701 forms MUST be submitted electronically via SARS e@syFile and eFiling from now on.

It is important to note that SARS has also made some changes to the validation rules. These changes include:

  • New employee postal address fields. Ensure that the postal addresses on your employee masterfiles are structured in the new format required by SARS.
  • Mandatory SIC codes. The Standard Industry Classification codes for the company and its employees are a mandatory field and must comply with the SIC7 list of codes.
  • New ETI Supporting data fields. Each electronic tax certificate submitted to SARS must include supporting data for ETI claims, where relevant.
  • New source codes:
    1. Code 3820 – Taxable Bursaries/Scholarships for further education and training
    2. Code 3821 – Non Taxable Bursaries/Scholarships for further education and training
    3. Code 3822 – Non Taxable Fringe Benefit for the acquisition of immovable property
  • Increase in the interest rate used to calculate fringe benefits. The increase took effect 01 August 2014 and the new rate that should be used is 6.75%.

To ensure your submissions pass the current validations employers must ensure that they are always using the latest version of payroll software and e@syFile™ Employer (Remember: Always backup your current information on your computer before installing the new version, as the installation may delete your current information.)

Don’t delay and submit your reconciliation submission sooner, rather than later. This will give you time to resolve any problems before the deadline.

Sources:  

SARS Interim PAYE Reconciliation Submission Season 1 September to 31 October 2014: Tools to ensure a successful SARS Interim PAYE Reconciliation. Available from: http://www.pastelpayroll.co.za/Pastel-Payroll-Software-SARS/Pastel-Payroll-Software-Latest-SARS-Changes.asp#.VCO9N50aL4Y. [11 September 2014]

The 2015 Interim Employer Reconciliation. Available from: http://www.sars.gov.za/TaxTypes/PAYE/Pages/Employer-Interim-Reconciliation.aspx. [11 September 2014]

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

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IC Marais

Professional experience:

IC Marais is a certified CA (SA) with public sector and private sector technical knowledge based on 5 years’ Public Sector accounting, auditing and financial management experience and 5 years audit, tax and accounting experience. Detailed knowledge of private and public sector accounting and auditing standards (GRAP, IPSAS, IFRS, IAS, ISA) and public sector financial legislation (MFMA, etc.)

He enjoys the outdoors, hunting and fishing.

ic@newtons-sa.co.za

SCHALK GOUWS

Professional experience:

In 1995, Schalk started as a trainee at Warner and Newton (which became Moores Rowland in 1997 and then Mazars Moores Rowland in 2007) in Bloemfontein. In 1998, Schalk was appointed as manager at Moores Rowland, where he became a partner in 2003. Schalk received his Postgraduate Certificate in Advanced Taxation in 2006 and in 2009 he received his Certificate in the Administration of Estates.

schalk@newtons-sa.co.za

CEDRIC PETERSON

Professional experience:

Cedric started as a trainee at Warner and Newton (which became Moores Rowland in 1997 and Mazars Moores Rowland in 2007), Bloemfontein, in 1986. After completion of his articles, he joined the Special Investigations Division of the Department of Finance (SA Revenue Services) as a senior inspector from 1990 to 1991.

cedric@newtons-sa.co.za

LUCHA GREYLING

Professional experience:

Lucha started her career as a tax inspector at the Inland Revenue Department of New Zealand. After this she worked in commerce in Canada, Mexico and the United States.

On her return to South Africa, she completed her CA training contract with us and has been with Newtons ever since. She became a Partner in 2012.

Apart from her CA(SA) qualification she also holds a postgraduate certificate in Advanced Taxation (2005) and has the overall responsibility for training as our Training Officer.

lucha@newtons-sa.co.za