The VET statutory levy contribution process The VET levy process forms part of the payroll processing and the reconciliation cycle. Should an employer qualify for the VET levy, the following steps guide the VET levy contribution process. Set up rule calculation as employer contribution: If you do not have a calculation on the payroll software, you need to generate a code that will conform to your VET Levy policy This is normally compiled and approved by your Human Resource or Remuneration specialist Identify & accumulate remuneration. Step 1: Define payroll rules TIPS Store each persons total remuneration including fringe benefits in a storage total for the month. Store the annual remuneration for audit purposes The total of the monthly remunerations should balance with your accumulated total for the year Start the accumulation for the reporting period 1 March to end of February. Clear the year to date accumulation value at the beginning of each reporting year Calculate 1% of the stored value and do the same as in step 2,3 & 4 Process monthly payroll; Reconcile and generate VET levy report; Audit and check accuracy as part of the monthly employer contribution reports; If incorrect, make corrections; Regenerate reports; If correct, process VET levy return (either manually or electronically) Produce final report; Submit the return/report electronically to the NTA at e.cshtml e.cshtml Step 2: Process and audit reports Reconcile Monthly levy; Reconcile monthly payroll remuneration; Post as part of Ledger costs; Step 4: Reconciliation Print report; Reconcile payments with reports for submission to the NTA. Arrange for the transfer of the payment. Ensure that you use the correct bank account details. See below. Obtain sign-off and approval form your appointed accounts signatory Step 3: Bank Payments

How to register for submitting return/report online: Adhere to the following electronic process to submit the return/report electronically to the NTA: Step 1: Type the following into your search browser: You should see the following screen: Step 2: First time users – register first As a first time user, you would have to register first. In case you forgot your password, you may click on ‘forgot password’ to reset. Step 3: Log in Once registered, log in with your address and password as set up during registration. Step 4: Ensure registration and EFT payment is concluded To register as an employer ensure that you have the following at hand: If you are a Holding Company – List of eligible subsidiaries Date employer commenced business Numbers employed ◦Total Company registration number Income tax number Social Security number Estimated annual payroll for the NTA Financial Year (1st April 2014 to 31st March 2015) Bank Details: Name of bank Branch and branch code Account name Account number Account type