TOP TIPS FOR A HASTTLE-FREE TAX SEASON 2024
We urge taxpayers to be transparent and accurate when filing their tax returns to enable a constructive relationship with SARS.
Tax Season 2024 is now open! We’ve put together a list of the timelines and changes for every type of taxpayer. Luckily, you don’t have to worry about the finer details, as we’ve got your back. Our team is familiar with all the requirements, up to date with the changes for this filing season, and ready to implement our streamlined processes. We won’t just make your Tax Season 2024 hassle-free; we’ll also save you time and money. July 15 marked the start of the 2024 Filing Season for provisional and non-provisional taxpayers who were not subjected to auto-assessments, covering the tax period 1 March 2023 to 29 February 2024. As part of our quest to simplify your life, we’ve compiled a list of the timelines and the changes since last year. But first, here are five ways we can help you this tax season.
5 WAYS WE'VE GOT YOUR BACK
We can help you avoid non-compliance. SARS has warned that the use of technology and data has enhanced its ability to detect non-compliance such as, for example, not including rental income in a return, which could potentially make you guilty of fraud.
Our team is up to date with the many changes in tax legislation introduced each year and our understanding of the complexities and intricacies will streamline your filing season.
We ensure all the boxes are ticked on every tax return you need to submit. This will help you to avoid a SARS audit where possible, and to ensure any verification or audit can be concluded quickly and cost-effectively.
We make sure that you claim every tax rebate, deduction or incentive available to you, so you don’t under-claim and pay more tax than required.
We protect you from scams. Sadly, filing season is also scamming season. We are alerted about all the latest scams and keep your information with SARS updated to prevent fraud and identity theft.
DATES TO DIARISE
The company provisional tax due dates shown in the table above are the same for individual provisional taxpayers, but individuals who are provisional taxpayers will be due to file their annual personal income tax (PIT) returns in January at the end of the tax season as announced by SARS.
Taxpayer | Timeline | Details |
Auto-assessed individual taxpayers |
|
|
Individual taxpayers | 15 July 2024 – 21 October 2024 |
|
Provisional taxpayers | 15 July 2024 – 20 January 2025 |
|
Trusts | 16 September 2024 – 20 January 2025 |
|
CHANGES TO TAKE NOTE OF
Various changes have been made since last year – the quickest way to find out if any of these apply to you or your business is simply to contact us.
- The pool of auto-assessed taxpayers increased to about 4.8 million this year, compared to around 3.8 million taxpayers last year.
- A solar energy tax credit of 25% of the cost of the solar PV panels (maximum R15,000) is available for new and unused solar PV panels acquired and brought into use for the first time by individuals between 1 March 2023 and 29 February 2024.
- Pro rata retirement fund contribution deductions are now allowed if an individual taxpayer’s year of assessment is less than 12 months.
- Exemption of tax-free investment amounts received or accrued: if your year of assessment is less than 12 months, the applicable contribution limit (currently R36,000) will be applied pro rata.
- Deductions in respect of buildings in Urban Development Zones – the allowable deduction has been extended until 31 March 2025.
- There’s a redesigned renewable energy tax deduction for certain machinery, plant, implements, utensils and articles used in production of renewable energy.
- ITR12 Form changes affecting the foreign employment income exemption and Beneficial Owner (BO).
THE BOTTOM LINE
If this is all a tad confusing, fret not! Our team of seasoned tax professionals will make all the difference this filing season. We are familiar with all the requirements and up to date with all the changes. Allow us to make your 2024 tax season hassle free.
