The South African Revenue Service (SARS) announced 15 July 2024 as the start of the Filing Season for provisional and non-provisional taxpayers who are required to file a tax return. Auto-assessments for an expanded pool of taxpayers started to run from the 1st of July 2024 and will continue to the 14th of July 2024.
Auto-assessments
SARS has announced that the pool of taxpayers who will be auto-assessed will increase to approximately 4.8 million this year compared to 3.8 million taxpayers last year.
Taxpayers who agree with the auto-assessment do not have to do anything. If a refund is due, it will be paid within 72 hours. If tax is due to SARS, the taxpayer must make the payment by the due date.
Taxpayers must remember that auto-assessments may not include all deductions and credits available to the taxpayers as SARS might not have all the applicable information.
If a taxpayer is not in agreement with the auto-assessment, he/she should take into consideration the necessary changes and file their return on e-filing.
Filing Season dates
- Auto-assessment notices: 1 – 14 July 2024
- Individual taxpayers (non-provisional): 15 July 2024 – 21 October 2024
- Provisional taxpayers: 15 July 2024 – 20 January 2025
- Trusts: 16 September 2024 – 20 January 2025
Other information
- Solar rebate
- The solar energy tax credit is available for one year. It applies to new and unused solar PV panels which were acquired by the individual and brought into use for the first time from 1 March 2023 to 29 February 2024.
- The amount of the solar energy tax credit allowed as a deduction to an individual under section 6C was 25% of the cost of the solar PV panels described above, up to a maximum of R15 000.
- Scams and Phishing awareness
- Please be aware of email and SMS scams. There will be many attempts from scammers who will try to present themselves as SARS or SARS officials in order to get your personal detail or request you to make payments into fraudulent bank accounts.
- Some areas SARS made changes this year
- Pro-rata deduction in respect of contributions to Retirement Funds
- Exemption w.r.t amounts received or accrued in respect of tax-free investments
- Deductions in respect of erection or improvement of buildings in Urban Development Zones
- Redesigned deduction in respect of certain machinery, plant, implements, utensils and articles used in production of renewable energy
- ITR12 Form changes – Beneficial Owner (BO)
Written by Aetos Financial Services