2024 Tax Filing Season

THE 2024 FILING SEASON COVERS THE PERIOD 1 MARCH 2023 TO 28 FEBRUARY 2024

The 2024 tax filing season opens on 15 July 2024.

Since the introduction of the Tax Administration Act, SARS are far stricter with their compliance requirements which has created a need for more stringent checks and controls on the returns we file on your behalf.  Their operating procedures require more administrative work regarding the filing of your return, including attaching your supporting documentation on e-filing. We wish to stress though that our controls will result in successful submissions thereby ensuring compliance with SARS.

The deadline dates for the submission of the returns are as follows:

E-filing submissions for non-provisional taxpayers – 15 July 2024 to 21 October 2024.

Compliant provisional taxpayers using e-filing – 15 July 2024 to 20 January 2025.

If there is a possible shortfall on tax payments for the 2024 fiscal year on provisional tax, we will still be able to calculate your top-up payment in order to provide you with the option of settling your income tax liability “interest-free” on or before 30 September 2024.  We therefore need your information as soon as possible.

Kindly forward the following documentation (where applicable) to our office as soon as it has been received:

• Income – IRP5 or IT3(a) certificate
• Income from investments/Interest on loan accounts – IT3(b) certificate
• Local/foreign Capital Gain/Loss – IT3(c) certificate (including sale of property, shares in private companies, etc.)
• Any other income – please provide details (e.g. inheritance received, etc.)
• Business income – full details of income and expenditure
• Lump sum income – IRP5 certificate
• Rental income – full details of property, bond statements, income, and expenditure including period let
• Medical contributions certificate and expenses – medical aid certificate and proof of “other expenses” (Proof of payment will be required in case medical is in the name of a 3^rd party)
• Donations – S18A certificate reflecting proof of donation made
• Pension Fund or Retirement Annuity Fund contribution certificates – certificate reflecting proof of contribution paid
• Travelling allowance/Use of motor vehicle – make/model of motor vehicle, registration number, cost thereof and opening and closing km’s (kindly provide us with your compulsory logbook detailing split between business/ private mileage, destination, Specific details of why the travel was undertaken and Details of the person with or for whom the engagement was undertaken.  Please detail any change in motor vehicles.
• Subsistence allowance – detail number of days spent away from home on business (local and international) and kindly include destination
• Changes to Assets and Liabilities including sale and purchase of fixed property.

Please note:

• Home Office – Some taxpayers may qualify for a home office expense deduction when they submit their 2024 tax return however certain requirements apply by law and we urge you to consult with us beforehand.
• Tax incentive is available for one year between 1 March 2023 and 29 February 2024.

Individuals who install rooftop solar panel(s) can claim a rebate of 25% of the cost of the panels, up to a maximum of R15 000 per taxpayer. Taxpayers can use the solar tax rebate to reduce tax liability in the 2023/24 tax year and requirements as follows:

• New and unused solar PV panels acquired by the individual and brought into use for the first time by the individual on or after 1 March 2023 and before 1 March 2024.
• The minimum generation capacity of each panel must not be less than 275W.
• The panels must form part of a system that is connected to the distribution board of a residence that is mainly used by an individual for domestic purposes.
• An electrical certificate of compliance must be issued to the individual in terms of Electrical Installation Regulations, 2009.

We wish to stress that we cannot take any responsibility for incorrect or incomplete information furnished to us. Furthermore, we cannot be held responsible for any penalty charges for late submission of your return should you fail to provide us with the required information timeously.

Please advise us if any of your personal details have changed (e.g. physical address, telephone numbers or e-mail address).  SARS require details of your banking account irrespective of whether you are entitled to a refund or not.  Should you have provided us with this information, please confirm that the details remain the same.

Kindly note that we cannot request documentation on your behalf from third parties (i.e. previous employers, insurance companies, banks, etc.) for confidentiality reasons.  It is therefore of the utmost importance that you provide us with all the necessary documentation and information to enable us to submit your tax return correctly and timeously.

We wish to point out that SARS are confirming investment income information received from Financial Institutions with details recorded in the tax returns submitted.  Please ensure all investment income is supplied to us.

Important notification from SARS: Failure to submit your tax return timeously might result in SARS raising an estimated assessment.

Please do not hesitate to contact us should you require any further information.

While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the writers of the articles nor the publisher will bear any responsibility for the consequences of any actions based on information or recommendations contained herein. Our material is for informational purposes.