IRP5 / EMP501 SALARIES AND WAGES RECONCILIATION

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It involves an employer submitting an accurate reconciled Employer Reconciliation Declaration (EMP501) with corresponding Employee Tax Certificates [IRP5/IT3(a)s] (Including EMP601).

There are three fundamentals that must reconcile in order for your submission to be successful which include:

  • Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Fund (UIF) amounts due and Employment Tax Incentive (ETI) where applicable
  • Payments made (excluding penalty and interest payments)
  • IRP5/IT3(a)s generated – PAYE, SDL and UIF values.

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Compromise of Tax Debts with SARS

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The Tax Administration Act deals with the waiving of Taxes owed to SARS and also a Compromises on Debt owed by Individuals, Trusts, Close Corporations and Companies. SARS may be willing to write off or reduce taxes, penalties, interest and even additional tax owed to SARS. Specific situations and conditions apply. “Terms and conditions apply” – as the saying goes… (more…)

TRANSFER DUTY

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What is it?

Transfer Duty is a tax levied on the value of any property acquired by any person by way of a transaction or in any other way. For the purpose of Transfer Duty, property means land and fixtures and includes real rights in land, rights to minerals, a share or interest in a “residential property company” or a share in a share-block company. (more…)

Estate Planning For The Small Business Owner – Why It Matters.

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Do you own your own small business? Do you have a plan in place if you die while you are still running it? Because none of us know when life will change, it is important to put in place a formal estate plan as soon as possible. If you don’t, you run the risk of leaving your family, employees, and any other dependants without clear instructions, potentially destroying the business you worked so hard to build.

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