Author: Ian Hurst — Managing Director, Paymaster People Solutions
With the short February-month now done, here are some essential To Do-list items to help you make your March another great payroll month.
- Most importantly, be sure to balance your Emp201 submissions back to the monthly figures reported on eFiling as well as the actual monies paid over to SARS. These must be balanced month by month for the past tax year: 1 March 2016 to 28 February 2017.
- Check that all your ETI employees qualify for the ETI deduction. Make sure that they are all South African citizens under the age of 28.
- For the new forthcoming 2017/2018 tax year, check all your employee’s retirement annuity deductions and validate whether there are any changes due.
- Start preparing for the implementation of the new R3500 per month minimum wage. Identify any employees who earn less than R3500 and calculate what it will cost the company to align all employees with the new R3500 per month minimum. Be sure to incorporate this estimate in all reporting to executive management for budgetary purposes.
- Check all garnishee orders currently being deducted. Request up-to-date balances so as to be certain that employees are not being over-deducted in relation to their salary amount. Remember to send the garnishee statement to the affected employee. For important information about the garnishee order, read this article.
- Check outstanding balances for all staff loans. In cases where these balances are not automatically printed on the employee payslip, be sure send relevant employees a balance-owing statement. This is a necessary courtesy to keep an employee current on the status of their loan balance with the company.
- Handy tip: March is a good month to update your payroll procedures and make sure that all managers understand the procedures.
Happy March! from myself, Ian Hurst (CEO of Paymaster People Solutions), and the rest of the super-amazing Paymaster People Solutions team.
Paymaster People Solutions (Pty) Ltd is a subsidiary of Grant Thornton Advisory Services Cape (Pty) Ltd
Grant Thornton Advisory Services Cape (Pty) Ltd is a member firm of Grant Thornton International Ltd
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