South African Statutory Requirements Services
Make payroll compliance stress-free and efficient with Yooma’s Statutory Requirements Services, tailored for South African businesses.
What are South Africa’s Statutory Requirements?
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.
What’s Included with Our Statutory Requirements Services
- UIF Compliance. We automatically calculate and deduct UIF contributions, ensuring that both employer and employee contribute the correct amounts.
- Skills Development Levy Management. Our software takes care of the SDL deductions, ensuring that your business meets its obligations.
- PAYE Tax Deductions. Our system efficiently manages and calculates the correct PAYE amounts for each employee based on their taxable income.
- Employee Tax Certificates. Our software generates and files the IRP5/IT3(a) tax certificates annually, fulfilling the requirements set out by SARS.
- UIF Compliance and Reporting. We help you comply with the South African Department of Labour’s requirements by generating and filing monthly UIF returns on your behalf.
- Employment Tax Incentive. Yooma’s payroll software calculates the ETI, providing tax relief for companies that invest in the employment of young and inexperienced workers.
- Tax Year-End Processes. Our payroll software manages all the necessary processes required by SARS. This includes generating the EMP501 report and reconciling your payroll data with tax certificates, ensuring a smooth tax year-end.
- Integration with SARS eFiling. Our direct integration with SARS eFiling lets you easily submit tax returns and other essential documents electronically.
The Benefits of Statutory Requirements Services
Speedy
Automated processes save your business significant time that would otherwise be spent on manual calculations and data entry.
Accurate
Eliminate human error in calculations and submissions to ensure precise reporting and deductions.
Peace Of Mind
Now, you can focus on core operations, confident in the knowledge that your payroll compliance is in expert hands.
Trustworthy
Transparent and accurate statutory deductions boost employee trust, as they can be sure their benefits and deductions are handled correctly.
Enhances Decision-Making
Access to expert insights and analytics related to statutory requirements can inform better business decisions and planning.