The South African Revenue Service (SARS) has announced key updates for the 2024 tax filing season, which commenced on July 1, 2024. This year, SARS will continue issuing auto-assessments for taxpayers with simpler tax affairs. Taxpayers are advised to check their auto-assessment status via eFiling or the SARS MobiApp, following an SMS or email notification.
Key Changes for 2024:
- Solar Energy Tax Credit: A one-year incentive for new and unused solar PV panels, allowing a deduction of 25% of the cost, up to R15,000.
- Retirement Contribution Deduction: Adjusted for assessment periods shorter than 12 months, applied pro rata.
- Renewable Energy Tax Incentive: Businesses can deduct 125% of the cost of eligible assets used in electricity generation, with no limits on electricity generation.
Important Deadlines:
- Individual Taxpayers: November 23, 2024
- Provisional Taxpayers: January 31, 2025
Taxpayers are reminded to ensure their banking details are up to date for refunds and to be vigilant against phishing scams during the filing season.
Should you require professional advice in this regard do not hesitate to contact our offices.
DISCLAIMER: The material and information contained in this article is for general information purposes only. You should not rely upon the material or information in this article as the basis for making any business, legal or other decisions.