Sars has introduced changes to the Payroll Taxes Statement of Account (SOA) in an attempt to address complaints received from employers about errors occurring on the SOA.

The SOA shows the balance and detailed transactions for a tax year for Pay-As-You-Earn (PAYE), the Skills Development Levy (SDL), the Unemployment Insurance Fund (UIF) and the Employer Tax Incentive (ETI). The purpose of this statement is to supply the employer with an overview of the financial transactions for the various payroll taxes and to ultimately enable employers to complete and submit their Employer Reconciliation Declaration bi-annually. Read more on Accounting Weekly.