ETI

Question

need help on the new ETI Legislation. I am working through the release notes for 5.4a and am stuck at page 10 step 5. This is a first for me and I am scared that I do something wrong. As is I m not sure that I made the right changes on the ETI History.

AngeliqueD · Answer

Good day 
 
 I would advise that you request a remote consultation to assist with the ETI changes. 
 Click here to book a consultant. 
 The consultant can assist and make sure all the changes were applied and the ETI is correct on the system.

Francois Brand · Answer

Hi DMB007, 
 That is correct. I have included the information we received which in line with what you suggested. 
 During the conversion to Release 5.4c, the system will do a recalculation of ETI values on the ETI History screen, to adjust the ETI values. To view the values, refer to the ETI COVID report (Main Menu > Reports > Audit Reports > ETI COVID Report) for more details on the changes. More details on this report is available on the product release notes. 
 
 If ETI for April 2020 is more than previously declared and utilised (which should be the case) just add the additional ETI for April as &ldquo;ETI calculated&rdquo; on the May EMP201. Therefore, the 6-monthly reconciliation period will balance. If you decide to add the ETI to the brought forward value on the May 2020 EMP201 then the April 2020 EMP201 must be resubmitted to reflect the correct values so that the carried forward of the previous month is the brought forward of the current month which is not correct procedure to follow &ndash; just add to the current month&rsquo;s (May) EMP201 because it is in the same 6-month reconciliation period.Please make not of this for reconciliation purposes during midyear and annual EMP501 submissions. 
 If the ETI is less (which should not be the case) then April EMP201 must be restated with the corrected value and payment must be made to SARS (see extract from SARS website below) and also see page 51 of the Sage Payroll Pocket Guide . 
 
 If you are unsure of how to allocate or revise your EMP201 on eFiling, please discuss with your accountant or tax practitioner, or contact SARS for assistance

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ETI

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