Employee tax reconciliations – From 1 April 2020

    The reconciliation period for employee tax starts on 1 April 2020. The employee tax reconciliation, also called the EMP501, is for the period 1 March 2019 to 28 February 2020. All recons should be submitted by 31 May 2020. The aim of this recon is to ensure that the amount of employee tax(PAYE, UIF) corresponds with the figures paid over to SARS monthly via the EMP201 returns. And because this recon is for the whole year, employers have to give their employees IRP5 certificates. These certificates will be used by the employees to submit their personal income tax return. What’s the difference between an IRP5 and IT3? An IRP5 is…

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