Every employer who is registered for Pay-as-you-earn(PAYE), Unemployment Insurance Fund(UIF) or Skills Development Levy(SDL), should submit an EMP501.

An employer is required to submit accurate reconciliation declaration (EMP501) in respect of the monthly declarations (EMP201) that was submitted, payments made and the IRP5 / IT3(a) certificates for the following periods:

  • Annual period: this is for the period from 1 March 2016 to 28 February 2017
  • Interim period: this is for the period from 1 March 2017 to 31 August 2017

The Employer Annual Reconciliations allow employers to accurately calculate the difference, if any, between the total value of the tax certificates issued, the total liability declared (EMP201) and the total payments made to SARS.

All employers are required to submit their Employer Annual Reconciliations (EMP 501) annually to SARS before 31 May 2017.

It is recommended that employers accurately verify and update each employee’s personal and financial details before submitting their Annual Reconciliation Declaration (EMP501) and Employees Income Tax Certificates [IRP5/IT3(a)s] to SARS.

Penalties are charged on the following:
  1. Non-submission of an Employer Annual Reconciliation (EMP501) on or before the due date.
  2. Non-submission of employee IRP5 / IT3(a) certificates.
  3. Submission of incorrect or inaccurate data relating to the IRP5 / IT3(a) certificates

At CMV, we are more than capable of assisting you with the successful submission of your Annual Reconciliation Declaration (EMP501).

This article is a general information sheet and should not be used or relied upon 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. Errors and omissions excepted (E&OE)

CMV Group of Companies

Tel : 012 991 4400
Fax : 012 991 3001
Physical: 17 Midas Avenue, Olympus, Pretoria, 0081
E-mail: info@cmv.co.za

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