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TOP TIPS FOR A HASSLE-FREE TAX SEASON 2024
Posted by Bernard Schoeman on 29 July 2024.
Bernard Schoeman
CA(SA), Post Graduate Diploma Accounting, BCom
The Tax Shop Head Office
More about Bernard Schoeman
Bernard studied BCom majoring in information systems and accounting at the University of Cape Town and qualified as a Chartered Accountant (SA) in 1997 after completing of his articles with Deloitte & Touche. Bernard has extensive international and local experience having worked for nearly three years with financial institutions in the UK (London) and having audited numerous companies listed on the JSE in South Africa. He is a member of the South African Institute of Chartered Accountants.
“WE URGE TAXPAYERS TO BE TRANSPARENT AND ACCURATE WHEN FILING THEIR TAX RETURNS TO ENABLE A CONSTRUCTIVE RELATIONSHIP WITH SARS.” (EDWARD KIESWETTER, SARS COMMISSIONER)
July 15 marked the start of the 2024 Filing Season for provisional and non-provisional taxpayers who were not subjected to auto-assessments, covering the tax period 1 March 2023 to 29 February 2024.
As part of our quest to simplify your life, we’ve compiled a list of the timelines and the changes since last year. But first, here are five ways we can help you this tax season.
July 15 marked the start of the 2024 Filing Season for provisional and non-provisional taxpayers who were not subjected to auto-assessments, covering the tax period 1 March 2023 to 29 February 2024.
As part of our quest to simplify your life, we’ve compiled a list of the timelines and the changes since last year. But first, here are five ways we can help you this tax season.
5 ways we’ve got your back
- We can help you avoid non-compliance. SARS has warned that the use of technology and data has enhanced its ability to detect non-compliance such as, for example, not including rental income in a return, which could potentially make you guilty of fraud.
- Our team is up to date with the many changes in tax legislation introduced each year and our understanding of the complexities and intricacies will streamline your filing season.
- We ensure all the boxes are ticked on every tax return you need to submit. This will help you to avoid a SARS audit where possible, and to ensure any verification or audit can be concluded quickly and cost-effectively.
- We make sure that you claim every tax rebate, deduction or incentive available to you, so you don’t under-claim and pay more tax than required.
- We protect you from scams. Sadly, filing season is also scamming season. We are alerted about all the latest scams and keep your information with SARS updated to prevent fraud and identity theft.
Dates to diarise
Changes to take note of
Various changes have been made since last year – the quickest way to find out if any of these apply to you or your business is simply to contact us.
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- The pool of auto-assessed taxpayers increased to about 4.8 million this year, compared to around 3.8 million taxpayers last year.
- A solar energy tax credit of 25% of the cost of the solar PV panels (maximum R15,000) is available for new and unused solar PV panels acquired and brought into use for the first time by individuals between 1 March 2023 and 29 February 2024.
- Pro rata retirement fund contribution deductions are now allowed if an individual taxpayer’s year of assessment is less than 12 months.
- Exemption of tax-free investment amounts received or accrued: if your year of assessment is less than 12 months, the applicable contribution limit (currently R36,000) will be applied pro rata.
- Deductions in respect of buildings in Urban Development Zones – the allowable deduction has been extended until 31 March 2025.
- There’s a redesigned renewable energy tax deduction for certain machinery, plant, implements, utensils and articles used in production of renewable energy.
- ITR12 Form changes affecting the foreign employment income exemption and Beneficial Owner (BO).
Entrepreneurship and business ownership inherently entail challenge after challenge, day after day, year after year. Expect and embrace challenges, focussing on finding the opportunities they hold.
The bottom line
We all face many kinds of fears all the time: fear of failure, disappointment, the unknown, even of success. What sets entrepreneurs and business owners apart is that they don’t allow fear to stop them – they are brave enough to try, to step out, to take the risk … despite the fear.
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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