JOHANNESBURG - The South African Revenue Service has reminded employers of the fast approaching deadline for all employer annual reconciliation declarations, employee tax certificates (IRP5/IT3) and where applicable tax certificate cancellation declarations for the period 1 March 2018 to 28 February 2019, which must all be submitted by 31 May 2019.
SARS said it was crucial for employers to submit their annual reconciliation within the deadline and issue their employees with IRP5/IT3 certificates detailing all employer/employee related incomes, deductions and related taxes.
These are the main documents required for individual taxpayers to file their personal income tax returns from July 1.
By requesting a statement of account after a submission on the eFiling online platform, employers are able to view outstanding debt, outstanding returns and unallocated payments.
SARS said declarations would be submitted online as manually completed payroll tax forms were no longer accepted.
"Employers are encouraged to avoid the last-minute rush and ensure time for corrections, if required," it said. "Copies of all declarations submitted must be kept for a minimum period of five years."
Since SARS uses the information declared by employers to pre-populate personal income tax returns, it reminded employees to verify the accuracy of the information on their IRP5/IT3 certificates as well on tax certificates from third party institutions such as medical schemes.
- African News Agency (ANA)