who are employers are reminded that the EMP501 reconciliations
must be submitted by no later than 30 May 2014 in respect of the
year ended 28 February 2014. Therefore, where we attend to this
function on your behalf, we request that you furnish us with your
payroll data as soon as possible.
clients that attend to their own submissions are advised that the
latest version of e@syFileÔ is available on the SARS website (www.sars.gov.za).
On the What’s New column there is an article entitled
“Employers Tax Season” which contains a link that enables the
downloading of the upgrade.
of VAT registration
where in any month an entity’s turnover for the prior twelve
months exceeds R 1 million or is likely to do so in the ensuing
twelve months, registration for VAT is obligatory. From 1 April
2014, the necessity to predict turnover will now fall away and
compulsory registration will only be necessary where the threshold
is reached or exceeded in the immediately preceding twelve months
or where the entity has a written contractual obligation to make
taxable supplies in excess of R 1 million during the next twelve
an entity could voluntarily register for VAT where it was able to
show that its annual turnover had exceeded or was likely to exceed
R 50 000. From 1 April
2014, the R 50 000 limit will be retained. However, businesses
that are unable to satisfy this requirement will be permitted to
register on the payments basis only. Upon reaching the R 50 000
limit, the entity will have to switch to the invoice basis.
suppliers of electronic services to South African resident
customers will be required to register on the payments basis once
the R 50 000 threshold is reached. Logistics relating to the SARS
recovery process is unclear. However, it seems likely that South
African banks will be required to facilitate this.
present system allows for vendors, whose turnover for a
twelve-month period is less than R 1.5 million, to submit returns
covering a four-month period. This category is to be abolished.
These vendors will be absorbed into the bi-monthly category.