News FlashesApril 10, 2024

News Flash 8 April 2024 – SOUTH AFRICA – Employer Annual Reconciliation Submissions

It is important that employers note the following:

Annual Reconciliation Season 2023/2024

On Thursday, 4 April 2024, SARS published a notice on its website to inform employers of the annual reconciliation submission period.

The annual reconciliation declaration (EMP501) submission period opens on 1 April 2024 and closes on 31 May 2024. Employers are required to submit their annual reconciliation declarations covering the full tax year from 1 March 2023 to 29 February 2024. The EMP501 must reflect accurate and up-to-date payroll information about employees, employees’ tax (PAYE) payments made, and tax certificates (IRP5/IT3(a)s) generated.

The SARS notice includes essential information to assist employers in the reconciliation process.

To view the notice, follow the link.



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