With the 2024 Filing Season upon us, SARS has rolled out a series of comprehensive guides aimed at smoothing the path for taxpayers. These updates are especially crucial this year as they introduce several new features and guidelines that promise to streamline the process considerably.

Updated SARS Guides

Updated guides that can assist you when filing returns:

• Guide to the Individual ITR12 Return for Deceased and Insolvent Estates

• How to submit your Individual Income Tax return via the SARS MobiApp

• Guide to submit your individual income tax return via eFiling

• Comprehensive Guide to the ITR12 Income Tax Return for Individuals

• Submit Request for Reduced Assessment (RRA01) via eFiling

• Guide to Help-You-eFile

• Guide for Provisional Tax

Key Updates from SARS:

1. Auto-Assessment Initiative: Starting from 1 July 2024, SARS will issue auto-assessments for a selected group of taxpayers. These assessments will be generated based on data received from employers, financial institutions, and other sources. If you're comfortable with the assessment received, no further action is required. However, if discrepancies are found, taxpayers can file a return in the usual manner starting from 15 July 2024.

2. Enhancements for Spouses: Investment income sections on returns will now have a subsection for declaring income received by the spouse. This change requires supporting documents such as a will or antenuptial contract and is crucial for those married in community of property.

3. Tax-Free Investments (TFI): Changes have been made to how unutilised portions of the TFI limitation are carried over, especially in cases where the taxpayer’s residence status changes or they are declared insolvent within the tax year.

4. Allowable Retirement Fund Contributions: The calculation for allowable retirement fund contribution deductions has been updated. Now, the deduction will be proportional to the number of days in the taxpayer's year of assessment when this is less than 12 months.

5. Solar Energy Tax Credit: A new solar tax credit is introduced for individuals investing in solar PV panels with a capacity of at least 275W, installed in their primary residential properties. This credit is 25% of the cost of the panels, up to a maximum of R15,000, and applies only to the 2024 year of assessment.

6. SARS MobiApp Updates: Significant improvements have been made to the SARS MobiApp, including an error notification for outdated versions and direct redirection to the ITA34 form post-auto-assessment.

Timelines to Keep in Mind

• Auto-assessments will be issued from 1 July to 14 July 2024.

• Non-provisional and disagreeing auto-assessed taxpayers can file returns from 15 July 2024.

• Trust returns begin from 16 September 2024.

• Filing deadlines for non-provisional taxpayers and auto-assessed filers are 21 October 2024, while provisional taxpayers and trusts have until 20 January 2025.