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Annalize Ras

TERS Payment

SUGGESTED
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Some of our employees received more payment back from TERS as what was requested.

1.  Must this be paid to the employee however we have not requested that much?

2. our employees will be going into short time again this month, can we use the monies that was in credit of the requested to (q1) and pay them out this month?  Like a piggy bank keeping it save?

Thank you

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    SUGGESTED

    Good Day Annalize,

    We are unable to advise as to what you should do with regards to your situation, as it is out of our jurisdiction.

    We are allowed to advise how the TERS Payment can be processed on the Payroll, but you will need to confirm with the Department of Employment Labour how you should treat the TERS income received.

    SARS added the IRP5 code 3724 for TERS payments in the latest BRS (which will be added in a future update). For now, the suggested line with IRP5 code 3602 (never taxable) can be used - the code can be changed when the code is made available in the software.

    The payments can be made via the payroll, however the employees must receive the full amount paid by DoEL to te employer - no deductions should be taken from the TERS amount.

    Some users prefer to run a Separate Payslip to reflect the TERS payment separate from other income and deductions (if any). A separate payslips allows a separate ACB and remuneration list as well.

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