Make payroll compliance stress-free and efficient with Yooma’s Statutory Requirements Services, tailored for South African businesses.
Key among the statutory requirements in South Africa is the Unemployment Insurance Fund (UIF), which provides relief to workers during unemployment or absences due to health and maternity reasons. Companies contribute to this fund on behalf of their employees, offering a crucial safety net in challenging times.
The Skills Development Levy (SDL) mandates businesses to contribute to a national fund to enhance workforce training and skills. This initiative seeks to cultivate a competent workforce that benefits the nation’s economy.
PAYE (Pay As You Earn) is a method where taxes are deducted directly from employee wages, simplifying tax collection for both the state and the taxpayer. Furthermore, businesses must submit the IRP5/IT3(a) tax certificates annually to the South African Revenue Service (SARS), ensuring transparency in reporting employees’ earnings and deductions.
The Employment Tax Incentive (ETI) offers tax breaks to companies hiring young and inexperienced workers to alleviate youth unemployment in the country. Lastly, the year-end expects businesses to finalise tax processes, including reconciling payroll data with tax certificates and preparing the EMP501 report.
Automated processes save your business significant time that would otherwise be spent on manual calculations and data entry.
Eliminate human error in calculations and submissions to ensure precise reporting and deductions.
Now, you can focus on core operations, confident in the knowledge that your payroll compliance is in expert hands.
Transparent and accurate statutory deductions boost employee trust, as they can be sure their benefits and deductions are handled correctly.
Access to expert insights and analytics related to statutory requirements can inform better business decisions and planning.