Newsletter – September 2021

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email
Monthly Finance Brief  |  CFO360 Accountants
Monthly Finance Brief | CFO360 Accountants

Thousands of Jobs Vacancies in SA’s IT Sector & Sugar Tax Is Working!

Thousands of jobs must be filled in South Africa’s IT sector, according to a new skills survey.

The 2021 ICT Skills Survey assessed the impact of the Covid-19 pandemic and lockdown on working conditions and skills supply and demand in SA. It found nearly 10 000 hard-to-fill positions in the ICT sector. Read more about it here. 

The evidence is in – South Africa’s sugar tax is working! People are buying 28% fewer sugary drinks since the government implemented the health promotion levy in 2018. Read more about it here.

Thousands Of Jobs Vacancies In SA's IT Sector & Sugar Tax Is Working  |  CFO360 Accountants
Thousands Of Jobs Vacancies In SA’s IT Sector & Sugar Tax Is Working | CFO360 Accountants

Did You Know?

We have roughly the same number of clients based in the United Kingdom and Canada combined as we do in South Africa? Our team of qualified experts collaborates using Xero, Quickbooks and a host of other cloud-based systems with clients around anywhere in the world!

If you’re ever thinking of expanding to other geographies, feel free to chat to us.

Important Dates & Notices

Tax and Accounting Deadlines

Below are important tax deadlines to keep in mind for the month of September for individuals and companies. 

Individuals

  • Filing Season – Filing Season for individuals normally runs from July to November (for non-provisional taxpayers), with provisional taxpayers having until the end of January to file via eFiling.
  • Provisional Tax – The filing and payment by individuals of provisional tax (IRP6’s) is 31 August (1st period), 28 February (2nd period) and 30 September (3rd period)

Employers (PAYE)

All businesses that are registered for PAYE, must follow the schedule below:

  • Monthly – the EMP201 must be submitted monthly – by the 7th of the following month or the Friday* before that day if the 7th falls on a weekend or public holiday.

Companies

  • Provisional Tax- The filing and payment by companies of provisional tax (IRP6’s) is 6 months after year end (1st period), At financial year end (2nd period) and Six months after financial year end (3rd period).
  • For those companies that have a February year end, September is the month by which all top up payments need to be done.

VAT Vendors

  • Electronic (eFiling) – submission of the return by the 25th and payment of the VAT201 by the last business day of the month.

Interim Reconciliation Season 2021

This year, the Employer Interim Reconciliation Declaration (EMP501) submission period opens on 13 September 2021 and closes on 31 October 2021. During this period, employers are required to reconcile the payroll tax liabilities (PAYE, SDL and UIF) declared on their monthly Employer Declarations (EMP201) for the first six months of a reconciliation year (1 March 2021 to 31 August 2021). The tax values of the interim IRP5/IT3(a) certificates are then generated to contain accurate payroll information, payroll tax  payments made to SARS. This information is then completed on the Employer Reconciliation Declaration (EMP501) and submitted to SARS.

If you’re not a monthly client and are in need of these returns being filed, contact us to arrange that we assist with these returns.

Tax Corner

Has your personal income tax return been selected for either verification or audit? Is there a difference?

SARS verifications and audits have been often used synonymously with each other but are in fact quite different processes and do not follow the same process.

Verifications are simply a validation of the information declared on a return. SARS would issue a letter requesting supporting documentation to confirm the details provided. SARS’ turnaround time is 21 working days to complete the verification process upon receipt of the documents.

Should SARS not be completely satisfied with the information provided, SARS could elect to place the return under Audit. During this process, SARS will request additional information which in most cases is very detailed and specific.  SARS will examine the information provided to determine the accuracy of the declaration. The turnaround time for audits is a much longer process and takes up to 90 working days. You may have to wait much longer for that refund!

Regardless, with both processes it is very important to respond within the given timeframes.  If this does not happen SARS often adds back the relevant item (expense, VAT input, etc) and then it is an even longer process to the necessary correction made.

Articles We Found Interesting…

Universal Branch Codes  |  CFO360 Accountants
Universal Branch Codes | CFO360 Accountants

Universal Branch Codes

Do you need to find a branch code for your bank?

We know how frustrating it can be when you have to keep track of a bunch of different numbers. If you need to find the universal bank branch codes for your bank, we’re here to help!

Get access to the most accurate, comprehensive, and up-to-date information available when it comes to universal banks branch codes. We’re confident that you’ll find what you need quickly and easily.To learn more about this topic please read through our article below.


https://cfo360.co.za/universal-branch-codes/

Some More Interesting News…

Signing Off

Is it just us or has time flown right past us this year? We can hardly believe it is October already.

Only 93 days left of 2021 and counting…

Wishing you a rewarding October. Take care and stay safe!

If you have any queries, email us at [email protected].

More To Explore

Accounting

EMP501 – Employment Reconciliation Declaration

What Is It? It involves an employer submitting an accurate Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601). The three elements that must reconcile in order for your submission to be successful are the: Monthly Employer Declarations (EMP201s) submitted. Payments made (excluding penalty

Accounting

Receive Your Tax Number Via SMS

SARS has added a new web feature, that allows taxpayers to have their tax reference numbers sent to them via SMS. All the client needs to do is, click on this link: https://tools.sars.gov.za/soqs Fill out their personal details on the form. Select the “What’s My Tax Number? “option under the query type drop down. What

Do You Want To Boost Your Business?

drop us a line and keep in touch

Scroll to Top