Important SARS Deadline for Employers
Last year, SARS announced that employers will need to submit bi-annual PAYE reconciliations from 2010 onwards, and the deadline is almost upon us. The first bi-annual PAYE reconciliation covering the period 1 March 2010 to 31 August 2010, is 29 October 2010. The deadline for the next reconciliation, covering the period 1 September 2010 to 28 February 2011, is 31 May 2011.
Employers should take note of the new disclosure requirements. Failure to disclose the required information will result in the reconcilliation not being accepted by SARS. It is imperative that the bi-annual return is submitted by the due date and that the disclosure requirements are met to avoid a penalty of 10% of the total annual deduction of employees tax deducted during the tax year.