Newsflash courtesy of SAPA

Tuesday 31st May, Deadline Day, is Near

Two important deadlines which need to be met are on Tuesday next week, 31st May.

a. 2016 Tax Year Submissions to SARS
The deadline for submission of EMP501 and Employee Tax Certificates, is the 31st May, Tuesday next week. Have you finished your submission to SARS yet? The SA Revenue website has this advice for employers:

“Employers are required to submit their Pay-As-You-Earn (PAYE) Employer Annual Reconciliations between 18 April and 31 May 2016 to SARS, confirming or correcting payroll tax amounts which were declared during the 2015/2016 tax period.

This year, employers are urged to 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.

Should these details be incorrect on an IRP5 certificate, the employee will be unable to file his/her Income Tax Return for Individuals (ITR12) during Tax Season. Individuals will no longer be allowed to make any corrections to pre-populated IRP5 details on their returns.

In cases where details are incorrect, employees will have to revert to their respective employers who will need to make changes on the IRP5 and re-submit these to SARS. This process can be time consuming and it may become problematic for employees to file on time.

Employers play a very important part in the income tax cycle which effectively starts on 18 April with the submission of the annual reconciliations. We rely on your cooperation to make the submission of ITR12s later in the year as stress-free as possible for all involved. Need help? Call the SARS Contact Centre on 0800 00 7277.”

b. Return of Earnings to the Department of Labour
For guidelines on this submission, please click here for the document published by the Department of Labour.

ETI and e@syFile

We have received formal confirmation from the Payroll Authors Group of South Africa (PAGSA) regarding an error reported by some members in carrying ETI values forward on e@syFile. For more details, please click here for a copy of the PAG Newsletter, which SAPA has received permission to publish. We would like to thank the PAGSA for sharing this information with SAPA members.

3rd August 2016 a Public Holiday?

SAPA has received questions about whether or not the 3rd August this year, the day the nation goes to the polls, is a public holiday. Our understanding is that to change a working day into a public holiday requires a legal gazetting process. Media releases when the 3rd August was announced by President Zuma stated that the “Minister of Cooperative Governance and Traditional Affairs will follow the necessary legal procedure to proclaim the date and undertake any other requirements”.

It is possible that South Africa should consider voting over weekends in future, as many other countries do, reducing the impact on business. Based on our history, however, it would be fair to assume that this will be gazetted as a public holiday.

Are you a member of the Sandwich Generation?

The Sandwich Generation are those of us who have spent many of our working years caring financially for our children and our parents. How do you prepare for your own retirement? For advice from SAPA Director Nicolette Nicolsen, click here.