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AUGUST 2020 EMPLOYER INTERIM RECONCILIATION SUBMISSION: 14 SEPTEMBER TO 31 OCTOBER 2020
This year, the August 2020 (202008) Employer Interim Reconciliation submission period will commence on 14 September and end on 31 October 2020.
During the Employer Interim Reconciliation, employers need to reconcile their Monthly Employer Declarations (EMP201) for the first six months of a Reconciliation Year (March to August) with the tax values of the interim IRP5/IT3(a) certificates for the same period and submit their Employer Reconciliation Declaration (EMP501).
For more clarity SARS introduced the following:
New source codes for the 2021 Year of Assessment
The following new source codes are applicable for the 2021 Year of Assessment:
Income code 3618/3668: Fund Administrators must use these codes to declare regular pension or purchased annuity payments originating from provident or provident preservation funds.
The following income codes differentiate between pension or purchased annuity payments originating from the following sources respectively:
3603/3653 - pension or purchased annuity payments originating from pension or pension preservation funds,
3618/3668 - pension or purchased annuity payments originating from provident or provident preservation funds,
3610/3660 - pension or purchased annuity payments originating from retirement annuity funds, and
3611/3661 - taxable portion of a purchased annuity paid by long-term insurers not from a retirement fund.
Income code 3724: Employers must use this code to declare any payment received by their employees from a COVID-19 Disaster Relief Organisation. These payments do NOT include payments received from the Unemployment Insurance Fund (UIF) Temporary Employees Relief Scheme (TERS).
Payments from the UIF TERS are exempt from tax and must not be reflected on the IRP5/IT3(a) certificate issue by employers to their employees.
Deduction code 4055: Employers must use this source code to declare any donations made by employers on behalf of employees to the COVID-19 Solidarity Fund.
Donations made to other qualifying COVID-19 Disaster Relief Organisations must be declared under existing deduction code 4030.
Information code 4587: Employers must use this code to indicate the value of the section 10(1)(o)(ii) foreign remuneration exemption taken into account for calculating PAYE.
New Notice of Non-Compliance Penalty Assessment
From the end of September 2020, a monthly Notice of Non-Compliance Penalty Assessment will be issued to employers showing all the imposition of penalties on the account for that specific month.
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Employee Health and Wellbeing: A Strategic Priority for COVID-19 and Beyond
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Employee health and wellbeing (HWB) is vital for a company to sustain itself during the lockdown. But making your employees’ HWB a strategic priority creates a competitive edge that will be crucial for success now and beyond COVID-19. Employee HWB not only delivers significant benefits, it also creates an opportunity to play a leadership role in our communities and in our country.
In this article, you will find a list of key focus areas revealed by recent research to assist companies to tap into all the benefits of employees’ HWB and discover which components of employee HWB work best for large and small companies in South Africa.
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Your SME and the Economy – Prepare for the Long Way Back
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The South African economy could take as long as seven years to return to the size of R5.1 trillion it was at the end of 2019 before Covid-19 and the national lockdown. The most significant risk to the economic outlook is the precarious state of government finances, especially Eskom’s rising debt.
A slow recovery for the local economy is going to be “very negative” for unemployment, poverty and inequality.
Economists suggest that small businesses gear themselves for tough times, keep costs low, and ensure they are highly innovative. We give you critical insight into the future of the South African economy so you and your business can be prepared and ready for what experts forecast.
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How to Protect Yourself and Your Company after the Experian Data Leak
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Less than two months after the commencement of the Protection of Personal Information Act (POPIA), South Africa was affected by a massive data breach.
Experian, a consumer, business and credit information services agency, said on 19 August that it had “experienced a breach of data which has exposed some personal information of as many as 24 million South Africans, and 793,749 business entities, to a suspected fraudster”.
What does all of this mean for you or your company and how can you avoid becoming a victim?
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The Feasibility of a Freelancing Business in Uncertain Times
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In the difficult and uncertain times in which we are encapsulated at present with the Covid-19 pandemic, one wonders what steps one can take to ensure one’s financial stability and growth over the medium term ahead, at least. Our economy, and that of the world at large, has been brought to its knees, unemployment is rife, many people are losing their jobs, and businesses are shutting down daily while others are reducing their staff complement.
Being self-employed as a freelancer certainly is a valid option but take great care before racing full steam ahead. As is often the case, unfortunately, one comes up with what one believes is a great business idea, with visions of grandeur and dollar signs springing up, ultimately only to fail. This is often because new business owners or freelancers do not perform the very necessary research and a greatly needed feasibility study.
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Your Tax Deadlines for October 2020
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- 7 October - Monthly PAYE submissions and payments
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22 October - D-day for Branch filing - Taxpayers who cannot file electronically
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23 October – VAT manual submissions and payments
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29 October – Excise Duty payments
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30 October – VAT electronic submissions and payments
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30 October - Company Provisional Tax Payments where applicable
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Disclaimer
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The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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© DotNews. All Rights Reserved.
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