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.