2023 Annual Employer Reconciliation Declaration
The submission period for the 2023 annual employer reconciliation declaration is upon us. As your trusted tax professional, we will ensure that you have a seamless and successful filing experience.
For this reconciliation period (annual EMP501) employers are required to submit accurate declarations for the twelve months from 1 March 2022 to 28 February 2023.
ANNUAL EMP501 SUBMISSION DATE
- Submission period: 1 April 2023 to 31 May 2023
- Any late or non-submissions will result in penalties and interest being charged
ANNUAL EMP501 SUBMISSIONS MUST RECONCILE
Employers are required to submit an EMP501 which reconciles the following:
- Monthly Employer Declarations (EMP201s) submitted to SARS
- Payments made to SARS
- Total value of employees’ tax certificates for the period, i.e. IRP5s/IT3(a)s
Should the above not balance, or reconcile, SARS will alert the employer.
Employers can use either:
- e@syFile™ Employer
- eFiling (if 50 IRP5s/IT3(a)s or less)
- Manual submissions have largely been discontinued, with SARS only accepting this formatted in exceptional circumstances
As any post-reconciliation adjustments may attract further SARS enquiry as well as penalties and interest, we recommend that you undertake a PAYE review, whether detailed or high-level, in order to have certainty to your level of payroll compliance before submitting your declaration.
We can assist you with a tailor-made PAYE review solution that will benefit you and your company. For more information and assistance, please contact Dumisa Sihawu or Doné Howell