Personal Income Tax Filing Season Updates
The South African Revenue Service (SARS) has issued a stakeholder letter for the 2024 Personal Income Tax Filing Season, including key dates and changes to tax regulations and ITR12 forms.
Here are the essential points:
1. Filing Dates:
Auto Assessment Notices: July 1-14, 2024
Non-Provisional Individual Taxpayers: July 15 - October 21, 2024
Provisional Taxpayers and Trusts: July 15, 2024 - January 20, 2025
2. Tax Regulation Changes:
Retirement Funds Deduction: Pro-rata deductions for taxpayers with assessment periods of less than 12 months, based on days in the year relative to 365.
Tax-Free Investments: Contribution limitations will be adjusted pro-rata for periods less than 12 months.
Urban Development Zones: Extension of deductions for building erection or improvements until March 31, 2025.
Solar Energy Tax Credit: For investments made between March 1, 2023, and February 29, 2024, individuals could claim a 25% deduction on new solar PV panels, capped at R15,000.
Renewable Energy: Enhanced deductions for certain machinery and equipment used in renewable energy production, with a 125% upfront deduction available.
3. ITR12 Form Changes:
Sections 10(1)(o) (i) and (ii) were simplified on report foreign employment income.
Tax practitioners must use the correct sections for taxpayers versus their own details to avoid errors and ensure accuracy in submissions.
