It’s mid-year already! Tax Year End, Budget Speech, – WSP’s, SETA’s and Filing Season seem to cause time to fly by unnoticed and this year was certainly no exception. So, what’s next? A well-deserved rest perhaps, working normal hours again, pleasant people at the call centre, pressing of buttons on the keyboard and everything just happens like magic? No such luck!
What’s next is, Employment Equity Reports, begging SARS to reverse penalties, endless paper work to justify reversing of penalties, the next wave of ITA88’s, preparing for the August submissions, and the new Companies Act – it just never seems to end! And here we are again, having to tell you about a whole basket of other items looming that you need to know about.
SARS have again repeated their policy regarding penalties for late submissions and/or incomplete mandatory information on the employee IRP5. Although there have been a number of technical issues around the process of downloading the bulk Tax Reference Numbers prior to this years’ submission, SARS is still adamant that they will be imposing penalties on Employers that are not compliant.
However, should an Employer have valid reasons for this and can show that a serious attempt was made to gather and update employee mandatory information, SARS will be sympathetic. The details of the penalties, as sent in our previous newsflash, are still valid so please review if necessary.
We will be communicating with all our payroll clients before the end of July 2011, to discuss the mid-year submission and any corrections that need to be made to ensure the files are error free.