At the commencement of the nationwide lockdown, SARS announced PAYE deferred payment plans, to aid small businesses with their cash flow due to their closure under the government's regulations.
Below, please find details on the repayment schedule that SARS has issued:
How will businesses know how much should be repaid:
After the 7th of August 2020, SARS will determine the 6 equal instalments for the total amount deferred and include it in the monthly Statement of Account, which you can request from mid-August 2020.
When will the deferred PAYE be repayable:
- August 2020: Payment due by 7 September 2020.
- September 2020: Payment due by 7 October 2020.
- October 2020: Payment due by 7 November 2020.
- November 2020: Payment due by 7 December 2020.
- December 2020: Payment due by 7 January 2021.
- January 2021: Payment due by 5 February 2021.
Should you default hereon (short or non-payment) on the payment/s due as per the instalment/s, penalties and interest will be imposed for the month/s defaulted.
Please do not hesitate to contact our payroll team for any questions that you may have with regards to the above,
The Beancounter Team.