BUSINESS: Staying Ahead Of SARS
Recent Gauteng Business News
No matter what type of business you’re running, payroll is an essential monthly activity involving complexities related to calculations, deductions and statutory regulations. Sandra Swanepoel, Sales Director, Softline VIP Payroll, says that while buying good payroll software to manage this in-house saves a lot of money, even more important is the legislative knowledge a small business will receive from a reputable payroll provider.
“SMEs need to be aware that size is irrelevant when it comes to legislative penalties,” she adds. “Over the past ten years, changes in legislation affecting payroll have greatly affected the way the job is done today and, more importantly, by whom it is done.”
SARS is again streamlining the process for companies to do their submissions in the 2009/2010 tax year. To benefit from the new SARS changes, small companies should make sure they are prepared for the submission and informed about the process they need to follow. Swanepoel explains that being prepared will entail gathering all relevant information before the submission takes place.
“In addition to the information that has always appeared on IRP5 and IT3 documents, SARS will require additional information for the 2009/2010 submission. Some of the mandatory fields for February 2010 are company related, and some are employee related,” she says. “Making use of a computerised payroll system will make it even simpler for companies to do the submission because the format of the files will be guaranteed to be correct and no manual process will then be required.”
The new information SARS will require includes:
SDL and UIF numbers
Employer contact person and number
Employer trade classification
Employer physical address
Additional work telephone number
Bank account details with account holder relationship
Business News Sector Tags: Business|