To all employers, the IRP5 Submission deadline for 1 March 2020 – 28 February 2021 season is almost here. All IRP5 must be submitted no later than 31st May 2021.
Wondering what the EMP501 is and why submit it?
EMP501 is a reconciliation that serves to update employee’s personal information to SARS system and reconcile all the deduction payments made to SARS declared on the EMP201 by the employer and the data (IPR5/IT3) on the employer’s payroll system. In simpler terms, it is a culmination of all the documents issued in payroll processing.
SARS has warned against late submissions, which will result in a penalty of 1% (up to a maximum of 10%) of total annual PAYE being levied each month after May 2021 until the EMP501 is submitted.
All EMP501 details (from tax numbers, addresses and bank details) must be correctly entered and completed in full before submission. Failure to comply with the above will result in high administrative penalties being levied by SARS.
Not submitting your EMP501 on time will result in your company being non-Tax compliant with SARS.
