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Have your started preparations for Tax Year-end 2023/2024?

February is the shortest on the calendar, but also the most important month for South African payrolls - its the last month of the tax year!

Here are a few tips shared on the community, which might help you to get your payroll ready for tax year-end: 

  • Now is a good time to reconcile the PAYE, SDL, UIF and ETI (if applicable) for the previous 11 months! This will save you time by only being required to reconcile the last month. Click here for a guide on reconciling your payroll
  • Print your IRP5/IT3a Validation report - if there are any issues or missing information that might affect generating the tax certificates, this can be resolved BEFORE starting the new tax year! Click here for a guide to print the validation report. (if you get any validation errors, please search on the Sage Knowledgebase for more details to resolve any errors)
  • Access the Year-end Centre for all the resources you need
  • Once the payroll has been completed for February, ensure to make a Full System Backup. Click here for a guide how to make a backup.
  • Before you start the new tax year, you must make a Copy System of your 2023/2024 payroll . All processing, payments, reports etc. must be completed, before you make the copy of your system. You will use the Tax Year-end Copy System to generate your tax certificates to the Receiver of Revenue while continue processing in your live payroll. Click here for steps how to create a Copy System.
  • Plan your submission before the deadline: We have seen so many times where employers try to complete the full process right before the submission deadline, placing unnecessary pressure on themselves to get this done in time. Put some time aside to prepare your payroll data and complete your submissions as soon as filing season opens (dates to be confirmed by SARS. If there any problems or issues, you still will have enough time to resolve it and submit your tax certificates to SARS in time, well before the deadline. This will save you time and frustrations of waiting for assistance in the last few days of filing season (with the deadline end of May 2024).

Do you have any tips you want to share with the community? Please comment and share your ideas with our forum subscribers!

Keep your eye on our Community Hub for all the information and tools to help you complete your Tax Year-end easy and hassle-free!