- 25 April 2024 – Employer Annual Reconciliation period
The submission period for Employers’ Annual Reconciliation Declaration (EMP501) is 1 April to 31 May 2024.
Importantly, these reconciliation declarations (EMP501) must include the latest and most accurate payroll information regarding their employees, and the tax they have deducted covering the full tax year from 1 March 2023 to 28 February 2024.
The employer’s annual reconciliation must be submitted by 31 May 2024, so that employee’s auto-assessments and tax returns can be prepared accurately.
For more information, watch the guidance videos below:
One of SARS’s strategic objectives is to improve our service to deliver a seamless taxpayer experience that provides clarity and certainty to make it easier to meet your tax obligations. This letter guides you how to manage your pay-as-you-earn (PAYE) tax obligations during the annual declaration period.
Your tax compliance helps SARS to achieve its Higher Purpose, which is to enable the State to provide for the well-being of all South Africans.
Employees’ Tax Compliance Starts with You, the Employer
The Employer Annual Declaration period is open from 1 April and closes on 31 May 2024. During this period, Employers must submit their annual reconciliation declarations (EMP501) with accurate and up-to-date payroll information about their employees. Your EMP501 must include:
- Monthly Employer declarations (EMP201) for PAYE, Unemployment Insurance Fund contributions (UIF), and the Skills Development Levy.
- Information about payments made (excluding penalties and interest paid).
- Employee tax certificates (IRP5/IT3[a] generated) covering the tax year from 1 March 2023 to 29 February 2024.