SARS EMP501 Submissions
Submitting the EMP501’s twice a year has become an increasing pest or concern for majority of companies. Our payroll division can take over and perform your submission promptly and you have the peace of mind that it is done 100% correctly without the worry of SARS penalties and interest.
SARS Submission season is now open from 01st September until 31st October 2012, if you have not booked for us to do your submission please do so now! Please note if you are missing tax numbers you will be facing penalties and interest!
New Legislation – Medical Aid Tax Credits
Effective 01 March 2012, Medical Aid Contributions can no longer be allowed as tax deductible for employees under the age of 65 and the Medical Aid Capped Amounts have been replaced with Medical Aid Tax Credits. If you haven’t applied the medical aid tax credits for the first 6 months of the tax year, you have to correct this before you process your last payroll run in August 2012. If you do not have the correct medical aid legislation in place when submitting interim tax certificates, your submission to SARS will be rejected and you could face penalties for incorrect or late submissions.
New Mandatory Information – Income Tax Reference Numbers
You can now only submit your tax certificates to SARS if each employee has an Income Tax Reference Number. SARS will not accept a submission where one or more tax certificates do not have the mandatory individual income tax reference number specified.
Let Oracle Accounting assist you to get geared for the upcoming interim PAYE Submissions, before it is too late.
Did you know
Important changes that will affect your interim PAYE Reconciliation.
After the reduction of the repo rate in July 2012, make sure that you apply the new official interest rate of 6% when calculating fringe benefits for August 2012.
SARS introduced a new reason code for non-deduction of PAYE that must be used on your interim tax certificates. Code 08 will indicate a zero PAYE liability due to medical aid tax credits applied.
A range of new source codes for fringe benefits and tax deductions are available and must be used on your interim tax certificates instead of the consolidated values SARS required until the 2012 tax year.
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