2024 tax season and things to look out for

by Madeleen van Schalkwyk | July 23, 2024

It is tax season again and SARS recently announced the 2024/2025 tax filing dates.

The 2024 filing season opened on 15 July 2024. This is for your 2024 annual tax return.

SARS auto assessments happened from 1 July 2024 to 14 July 2024.

The tax year for 2024 runs from 1 March 2023 to 29 February 2024.

  • The due date for non-provisional taxpayers is 21 October 2024.
  • The due date for provisional taxpayers is 20 January 2025.
  • The first provisional tax return for 2025 is due on 30 August 2024. Any 2024 tax still owed to SARS for provisional taxpayers is due on 30 September 2024 through the top-up/third provisional tax return.

The trust income tax return filing only opens from 16 September 2024 to 20 January 2025.

Some of the new changes to look out for or be aware of will include the following:

Auto assessments (Individuals):

This will be for taxpayers only declaring the following on their tax returns and of which SARS already received the tax certificates from third parties such as banks, employers, medical aid etc.

  • Salary
  • Interest from financial institutions
  • Medical aid contributions
  • Retirement/pension fund contributions

If you agree with SARS’s auto assessment, there is no further action required . If you need to add additional information, for example:

  • Additional medical costs not claimed from your medical aid
  • Selling of a property
  • Additional income received
  • Rental income
  • Capital gains

You will have to open the tax return and add the additional information. Please note you only have until 21 October 2024 to correct your auto assessed tax return. After this period, it is a difficult process to get the return opened and corrected.

Trust tax returns:

Each trust will be required to submit IT3t’s for the distributions during the tax year. The due date for this is 30 September 2024.

Take note that it is a legal requirement for each trust to be registered for tax and submit tax returns even if it is a dormant trust.

Individual tax returns:

  • If you installed new solar panels during this tax year you could possibly qualify for an additional rebate.
  • If you became a non-tax resident for tax purposes in South Africa during the 2024 tax year, remember to apply for your non-tax residency certificate from SARS. This might result in tax implications that can trigger capital gains tax. This capital gain should be declared on your tax return.
  • If your provisional tax already paid was not enough for the 2024 tax assessment, remember about your third top-up amount. This is due on 30 September 2024.

Entity tax returns: (E.g. Companies and Close Corporations)

  • Solar rebates might be applicable.
  • Keep in mind the limit of assessed losses that can be utilised.
  • Entities can also become non-residents for tax purposes in South Africa which might lead to additional taxes due.
  • Remember to have all the beneficial ownership information available when completing the tax return. As mentioned above all trusts need to have a tax number to be able to submit a tax return. This will be applicable if shares of an entity are held by a trust.

General:

  • Ensure that for each tax return submitted you have the necessary supporting documents. This could speed up any verification process carried out by SARS if you can submit the supporting documents immediately.
  • Keep your contact details, addresses and banking details up to date, any discrepancies with your registered information might delay a refund due.
  • Any refunds due will first be allocated against any penalties for late submission of previous tax returns. SARS can also request your employer to deduct any tax or penalties due from your monthly salary or pension.

For assistance with your 2024 tax calculation and annual tax return submission, contact Dale Petersen on 021 819 7802 or at dpetersen@wauko.com to connect with us.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *