The annual scramble to gather all the necessary documents for the SARS filings of 2024 income tax returns is upon us once again. For individual taxpayers and financial advisors in South Africa, staying informed about key dates and guidelines is crucial to ensuring a smooth and stress-free filing season.
Key Dates for Tax Filing Season 2024
The South African Revenue Service (SARS) has announced the key dates for the 2024 tax filing season:
- Auto-Assessment Notices: 1 July – 14 July
- Filing Season Start: 15 July
- Trusts can start filing their returns from 16 September.
Deadlines that are particularly important to note:
- Non-provisional taxpayers must file by 21 October.
- Provisional taxpayers and trusts have until 20 January 2025.
Understanding the Auto-Assessment Process
The auto-assessment process, introduced two years ago, continues to streamline the filing experience for many taxpayers. Last year, over 3.5 million taxpayers were auto-assessed, based on data provided to SARS by employers, financial institutions, medical schemes, retirement annuity fund administrators, and other third-party data providers such as estate agents.
Key Points to Remember:
Verify your Data:
Ensure that all deductions to which you may be entitled, such as contributions to retirement annuity funds, medical aid schemes, and any tax-deductible donations, are correctly captured.
Compare and Confirm:
Match the information on your tax certificates with your 2024 income tax return to verify accuracy.
If the auto-assessment results in a tax debt, pay by the due date to avoid penalties and interest.
Additional Income and Deductions
It’s crucial to not accept the auto-assessment if you need to declare additional income or claim deductions that are not already included in the auto-assessment. This would include:
- Rental or foreign income
- Qualifying home office expenses
- Donations to charities
- Personal travel and medical expenses
- Solar rebate of 25% for new and unused solar panels (up to R15,000 per individual)
Note that even if you were auto-assessed last year, it does not guarantee you will be auto-assessed for the 2024 tax year.
Ensuring Compliance
Verify whether you are required to submit an annual tax return. Guidance is available from your MMS Group tax lead.
Notify SARS of any changes to your personal details, such as address and contact information.
If forgotten, reset it before the filing season starts. For security reasons, we encourage that you change your password prior to commencement with the 2024 filing season.
Conclusion
The 2024 tax filing season presents an opportunity to manage your income tax effectively and ensure compliance with SARS regulations. By staying informed and proactive, you can avoid common pitfalls and make the most of the available deductions and rebates.
For personalized assistance and expert guidance, reach out to the team of tax experts of MMS Group.