SARS 2024 tax season filing opened on 15 July 2024 for individual taxpayers who were required to submit an annual income tax return. The 2024 year of assessment covers the period from 1 March 2023 to 29 February 2024. Different filing deadlines applied to non-provisional taxpayers, provisional taxpayers and trusts, making it important to understand the relevant dates and requirements.

According to the South African Revenue Service (SARS), auto-assessment notices were issued from 1 July to 14 July 2024 before the general filing season opened.

• Non-provisional taxpayers: Filing opened on 15 July 2024 and closed on 21 October 2024.
• Provisional taxpayers: Filing opened on 15 July 2024 and closed on 20 January 2025.
• Trusts: Filing opened on 16 September 2024 and closed on 20 January 2025.
• First provisional tax payment for the 2025 tax year: Due by 30 August 2024.
• Third or top-up provisional tax payment: Where applicable, an additional payment could be made by 30 September 2024.

SARS 2024 Tax Season Auto Assessments

Auto assessments for individuals: During the SARS 2024 tax season, SARS used information received from third parties such as employers, banks, medical schemes and retirement fund administrators to automatically assess taxpayers whose tax affairs were considered less complex.

Information used by SARS may include:

• Salary and employment income
• Interest and investment information from financial institutions
• Medical scheme contributions
• Retirement and pension fund contributions

If you agree with your SARS auto assessment and all the information is complete and correct, no further action is generally required. However, taxpayers should still review the assessment carefully because SARS may not have received all the information necessary to calculate the correct tax position.

You may need to submit or amend your tax return if information is missing, including:

• Qualifying medical expenses not recovered from your medical scheme
• Property disposals
• Additional income not reflected in third-party certificates
• Rental income
• Capital gains or losses
• Other qualifying deductions or tax credits

If you disagreed with the auto assessment, you could access your tax return through SARS eFiling or the SARS MobiApp, make the required changes and submit the return by the applicable deadline. SARS provides further information on what to do after receiving an auto-assessment notice.

SARS 2024 Tax Season Requirements for Trusts

Trust tax returns: The filing period for trusts ran from 16 September 2024 to 20 January 2025. Trusts were also required to submit relevant IT3(t) third-party data relating to amounts vested in beneficiaries during the tax year where applicable.

Trustees should ensure that financial records, beneficiary information, supporting documents and beneficial ownership information are complete and available when preparing a trust tax return. Trusts should also ensure that their SARS tax registration and ongoing compliance requirements remain up to date, even where a trust has had little or no activity.

SARS 2024 Tax Season and Individual Tax Returns

Solar tax rebate: Individuals who installed qualifying new and unused solar photovoltaic panels and brought them into use for the first time between 1 March 2023 and 29 February 2024 could potentially qualify for the once-off solar energy tax credit.

The rebate was calculated at 25% of the cost of qualifying solar PV panels, subject to a maximum rebate of R15 000. The incentive applied specifically to qualifying solar panels rather than the full solar installation. Batteries, inverters and other non-qualifying components were excluded. Taxpayers claiming the rebate should retain invoices, proof of payment and the required electrical Certificate of Compliance. More information is available in the SARS solar tax rebate guidance.

Changes in tax residency: If you ceased to be a South African tax resident during the relevant tax period, the change in tax residency should be correctly disclosed to SARS. Ceasing South African tax residency can potentially result in a deemed disposal of certain assets for capital gains tax purposes, depending on the taxpayer’s circumstances.

Tax residency can be complex and should not be determined solely by where a person currently lives. Taxpayers affected by a change in residency should ensure that the correct cessation date and supporting information are provided to SARS.

Provisional tax: Where provisional tax paid during the 2024 tax year was insufficient, an additional third or top-up payment could be made to reduce potential interest arising from an underpayment.

SARS 2024 Tax Season for Companies and Close Corporations

Entity tax returns: Companies, close corporations and other entities should consider the tax legislation, deductions and incentives applicable to their specific circumstances when preparing annual tax returns.

• Qualifying renewable energy tax incentives may be available to certain businesses, subject to the relevant tax legislation.
• Keep the limitation on the utilisation of assessed losses in mind when calculating taxable income.
• Changes in the tax residency of an entity can result in additional South African tax consequences.
• Ensure that all required beneficial ownership information is complete and available when preparing tax and statutory submissions.
• Where shares in an entity are held by a trust, ensure that the trust’s tax registration and compliance requirements are also up to date.

Maintaining these requirements forms part of effective tax and statutory compliance and can help businesses avoid unnecessary penalties, administrative delays and compliance problems.

SARS 2024 Tax Season Supporting Documents

General: Accurate records and supporting documentation are an important part of the SARS 2024 tax season. SARS may select a tax return for verification and request documents supporting information declared on the return.

• Ensure that you have the necessary supporting documents for every tax return submitted.
• Keep your contact details, residential or business addresses and banking information registered with SARS up to date.
• Review third-party information pre-populated on your tax return and investigate any discrepancies before submission.
• Retain relevant supporting documentation in case SARS requests it during a verification or audit.
• Address outstanding returns, penalties and tax debt promptly to maintain a compliant SARS profile.

Having supporting documentation readily available can make the verification process more efficient and reduce unnecessary delays. Incorrect banking details, outdated contact information or discrepancies between your return and third-party information can also delay refunds or trigger additional queries from SARS.

Stay Compliant Beyond the SARS 2024 Tax Season

The SARS 2024 tax season highlighted the importance of accurate tax records, meeting filing deadlines and checking the information SARS already holds about you or your business. Staying compliant throughout the year can make future filing seasons easier and reduce the risk of penalties, interest, delayed refunds and unnecessary SARS queries.

At wauko, we assist businesses and individuals with tax and statutory compliance, including tax registrations, tax returns, SARS submissions and related compliance requirements.

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.

Useful resources: Visit the SARS website for official tax information and filing guidance, or learn more about wauko’s tax and statutory compliance services.