SARS PAYE Employer Reconciliation BRS V24 0 1 Vocabulary

Flashcards for vocabulary related to SARS PAYE Employer Reconciliation BRS V24 0 1

Business Requirements Specification (BRS)

This document specifies the requirements for the generation of an import tax file for the yearly as well as the interim submission, effective from 1 March 2025 for Payroll Suppliers.

Conditional Fields

These are fields that must be completed subject to defined conditions, e.g., mandatory if related fields have been completed.

EMP501

The employer reconciliation declaration form.

EMP601

Tax certificate cancellation declaration form.

EMP701

Reconciliation adjustment declaration form used with the EMP601 to adjust reconciliation submissions submitted using the pre-modernisation process for 1999 – 2008 transaction years and not applicable for transaction years 2009 onwards.

Employee’s tax

Deducted during the tax period from remuneration paid or payable to an employee as detailed in the Fourth Schedule to the Income Tax Act

Foreign Bank Account

Bank Account with a financial institution not recognised by BANKSERV (refer to www.bankservafrica.com).

IRP5/IT3(a)

Employee Income Tax Certificate.

Mandatory Fields

These are fields that must be completed as a rule, permitting no option and therefore not to be disregarded.

PAYE

Pay-As-You-Earn Reconciliation Declaration; the EMP501 document on which an Employer’s PAYE, SDL and UIF liabilities are declared with associated payments, certificate values and the resulting net effect of setting off payments against liabilities

Reconciliation Submission Process

The process through which an Employer submits all required PAYE, SDL and UIF documentation to SARS for processing i.e. IRP5/IT3(a),EMP501,EMP601 and EMP701 if applicable.

SDL

Skills Development Levy as referred to in Section 3 of the Skills Development Levies Act (no 9 of 1999).

SEZ

Special Economic Zones that are approved by the Minister of Finance for the purpose of section 6(a)(ii) of the Employment Tax Incentive Act, 2013 (Act No. 26 of 2013), which allows eligible Employers to claim ETI for all qualifying Employees, regardless of age.

SIC7

Standard Industrial Classification (SIC Coder v7, as defined on the Statistic SA Website: www.statssa.gov.za)

SITE

It is the portion of employees’ tax that is applicable only on the annualised net remuneration up to sixty thousand Rand and not applicable from 2014 year of assessment

Transaction Year

The tax year during which the employer deducted and paid employees’ tax in respect of remuneration paid or payable to an employee, and may only be a year after the ‘Year of Assessment’ in the case of ‘Variable Remuneration’ as defined in section 7B and other exceptional circumstances.

UIF Contribution

Unemployment Insurance Fund contribution determined in terms of Section 6 of the Unemployment Insurance Contributions Act (no. 4 of 2002).

Year of Assessment

The tax year in which the remuneration paid or payable to an employee accrued.