The deadline to submit your PAYE recon, aslso known as the EMP501 is 31 May 2022.
What is a PAYE recon?
During this process, when the EMP501 is submitted, IRP5 certificates have to be issued for every employee. These certificates then have to be issued to every employee.
What information does the IRP5 certificate need to contain?
The certificate needs to contain all income the employee has received. This includes the salary, all other benefits and contributions made by the employer. It also need to contain all deductions made by the employer towards pension funds, retirement funds and medical aids. Also, it needs to show the amounts deducted for PAYE, SDL and UIF. The IRP5 certificate also needs to show the number of months which the employee has worked. Read more about EMP501.
It is very important to submit this recon, as the employees have to use it to submit their personal income tax returns. Failing to submit the return will also attract penalties for non or late submissions.