Review and validate the retirement fund values on the payroll

Retirement fund contributions have a direct influence on the tax calculation of employees. Company retirement fund contributions are also be taxable as a fringe benefit in the hands of the employee. Review the contributions and funds for each employee. This validation is step 4 of the RSA SARS Submission Utility.

1. Access the RSA Submission Utility:

1. Go to the Utilities menu in your payroll company
2. Select RSA Submissions, then SARS Submission Process
3. Review the Period End Date and select Continue
4. Click 'Step 4: Validate Retirement Fund Values'

2. Review the report:

• An Excel spreadsheet downloads with the details of each employee
• Review the details to ensure all employees are linked to the correct Scheme Code, Scheme Name and Type of Scheme
• Review the scheme type Defined Contribution Fund, Defined Benefit Fund or Hybrid Fund determines how the 
• Review the fund values (employee and employer contributions) 

 NOTE: Code ZZZZ is the system default code for Defined Contribution Funds. If your company has a Hybrid or a Defined Benefit Fund, then you’ll need to set up customised Scheme Codes. The net step is to link the employees to the correct schemes. 

3. Apply corrections (if required)

• If any of these values aren’t correct:
  • Review the setup
  • Correct the year-to-date (including current period) values for the employee
  • If you need to do corrections for Company Contributions, apply them the Employee History Screen
  • For more details, refer to our article: How to edit the History Screen

CAUTION: Fund changes from Defined Contribution Funds to Hybrid or Defined Benefit Funds will require a consultation. Any changes to these funds are complex and could result in tax changes.

Next steps

You have now reviewed all the employee data. It's time to review the financials in the payroll and values declared to SARS.

Continue to the next of SARS Submission Utility process: Step 5: Reconcile payroll financial values.