Tax Season 2024 Dates/Checklist

Tax Season 2024 is just around the corner. Do not be caught off your guard!

Tax Season Dates

SARS has announced the following dates for Tax Season 2024:

  –  Individuals (non-provisional):  15 July 2024 to 21 October 2024

  –  Auto-assessments (non-provisional individuals):  1 July 2024 – 14 July 2024

  –  Individuals (provisional):  15 July 2024 to 20 January 2025

  –  Trusts:  16 September 2024 to 20 January 2025

The Problem with Auto Assessments and Submission Thresholds

It is important to note that SARS will be running their auto-assessments from 1 to 14 July after which the Tax Season officially opens.  Auto-assessments were introduced by SARS a few years ago, a process which automatically assesses simple taxpayers without any human intervention.  Many taxpayers may feel not to question their auto-assessments or may not even submit a tax return because they are below the submission threshold.  

However, such an approach risks losing out on getting money back from SARS if there are valid deductions e.g. medical, retirement funds, donations, etc. which SARS is unaware of and has not taken into account.  A simple example may be a taxpayer who has a basic salary structure with an employer but who contributed privately towards a medical fund which the employer never knew about and consequently never reported to SARS as part of the EMP501 reconciliation process.  Assuming that the medical fund also never reported the contributions to SARS, if such a taxpayer simply accepts their auto-assessment or if they are below the submission threshold and don’t submit their return, they will lose out on getting a refund from SARS.

Tax Season Checklist

The following checklist list the common documents/information you will need from every individual taxpayer.  You are welcome to use this in communication with your clients and prospective clients:

☑️  IRP5 / IT3(a) certificate(s).

☑️  Medical tax certificate(s).

☑️  Out of pocket medical expenses (including invoice and proof of payment).

☑️  Retirement annuity tax certificate(s).

☑️  IT3(b) (interest and dividends received) certificate(s).

☑️  Travel logbook(s) if vehicle(s) were used for business purposes.

☑️  Instalment sale agreement or purchase invoice of vehicle(s) used in the logbook(s).

☑️  Commission earning expenditure e.g. airtime, entertainment, fuel, insurance, etc.

☑️  Rental income and expenditure on property(ies) rented.

☑️  Donations certificate (must reflect a PBO registration number).

☑️  T3(c) (capital gains/losses) certificate(s).

☑️  Details of any properties/investments sold (for CGT purposes).

☑️  Profit/losses on investments and cryptocurrencies where they were not held as investments.

☑️  Trade profit / loss summary on any business or farming activity(ies).

☑️  Details of time spent out of town, including dates and cost of accommodation if the taxpayer received a subsistence allowance.

☑️  Details of any income received from any other sources not listed above, including being a beneficiary in a trust.

  • Don’t wait until the last minute! Contact Tick Birds Accountants today to schedule an appointment and ensure a smooth tax filing experience.

Stay tuned for more updates on the 2024 Tax Season and how Tick Birds Accountants can support you in meeting your tax obligations.

Image of record keeping for small businesses
Record-keeping for small businesses


The practice of monitoring business activities and transactions is called recordkeeping. The process can be carried out either manually or digitally. It enables the business to solidify its financial health and run its operations more smoothly.

Basics of Record-Keeping

Recordkeeping centers around business documents such as invoices, receipts, bank statements, and financial reports. Monitoring these documents helps comply with legal necessities such as tax regulations. Further, it helps trace the business’s income and expenditure, pinpointing improvement areas. The success of recordkeeping can be evaluated by its authenticity, reliability, integrity, and usability.

Benefits of Good Record-Keeping

Successful record-keeping enables small businesses to have beneficial insights into the business. It aids in making improved decisions and mitigating risks. Further, it helps monitor the financial health and profitability of the business, improving financial management. Moreover, it simplifies complications of tax season for the business, saving preparation time and costs.

Simple Strategies for Effective Record-Keeping

To maintain recordkeeping successfully, a small business will need to strategize. The business should have a separate account from the owner’s account. Further, records should be regularly updated to represent the current financial status accurately. Moreover, records should always be organized. To efficiently organize, a business may go digital and invest in accounting software. To utilize record-keeping, financial statements should be reviewed regularly. Regular revision of financial statements will help understand the business’s financial health and make informed decisions.


In conclusion, regular record-keeping is essential for a small business. Through the insight it provides, business owners can mitigate risks, improve their financial management, and prepare themselves for the tax season. However, successful record-keeping can require significant costs and time management.

How to read Financial Statements
Simple Guide to Reading Financial Statements


Financial statements are written documents that convey the financial position of a company. Understanding financial statements is an essential skill for any company stakeholder. It assists the stakeholders with data-driven decision-making and mitigates risk. This simple guide will empower you to understand financial statements and make successful decisions.


Types of Financial Statements

Balance Sheet

The balance sheet provides an overview of the company’s assets, liabilities, and equity at a specific point in time. It shows what the business owns and what is owed to the business using these components.


Income Statement

The income statement outlines the profitability and operational performance of the company. It provides a profit or loss figure for the company by summarizing the revenue earned and the expenses incurred.


Cash Flow Statement

A cash flow statement highlights the amount of cash leaving and entering a company. It details operational, investment, and financing activities. Furthermore, it provides insight into fulfilling financial obligations such as debts and expenses.


Understanding the Balance Sheet


Assets are a valuable possession owned or controlled by a company. Assets that cannot be converted into cash within a year are known as non-current assets, whereas assets that can be converted are known as current assets. Identifying the composition of assets is essential to assess the company’s liquidity.



Liabilities are possessions owed by the company. Non-current liabilities mature beyond a year, while current liabilities are due within a year. They aid in assessing the risk profile and the company’s debt management ability.



Equity is derived by subtracting a company’s liabilities from its assets. It represents the book value of a company. It assists in assessing the company’s net worth and the portion its investors own.


Analyzing the Income Statement


Revenue represents a company’s income by carrying out its primary activities, such as trading.


Cost of Goods Sold

The cost of goods sold represents the direct costs incurred to carry out the primary activity of the business. The difference between revenue and cost of goods sold is the gross profit.


Expenses are the various indirect costs incurred to run a company. These costs include operational, administrative, and financial expenditures.

Net Income or Loss

Net income or loss is the final figure on the income statement. It is the difference between the gross profit and expenses. A net loss occurs when expenses exceed gross profit, whereas a net profit occurs when gross profit exceeds expenses.

Decoding the Cash Flow Statement

Operating Activities

Operating activities on cash flow indicate the cash flows from the company’s business activities. Revenue receipts and rent payments are a few examples.

Investing Activities

Investing activities indicate cash flow from a company’s investments. A few examples are purchasing, Sales of fixed assets, and business acquisition costs.

Financing Activities

Financing activities include cash flows related to raising capital. It includes cash from shareholder investments and payments such as dividends in return for the investment to the shareholders.


Stakeholders should always consult Financial statements before deciding on the company. Deciphering these financial statements is essential for making the right decision. With this guide, you can make data-driven decisions using financial statements.

The Hybrid Workforce Debate: What SMEs Need to Know

“Success in a hybrid work environment requires employers to move beyond viewing remote or hybrid environments as a temporary or short term strategy and to treat it as an opportunity” (Vice President of Gartner, George Penn)

The gradual transition from the conventional office environment to a remote, tech-savvy workforce has been topical in various industries for a while. However the pandemic has accelerated acceptance of the reality of remote working.

The recent Digital Corporation in South Africa 2021 study, conducted by IT research organisation World Wide Worx with the support of Syspro, Dell Technologies, Intel and Cycan, looked into the hybrid work place model among enterprises in South Africa. It found that a third of respondent companies did not foresee their workforce returning to the office environment.

The hybrid workplace is an operating model incorporating both remote and in-office working. This is made feasible by cloud computing together with collaborative tools such as direct messaging tools like WeChat, WhatsApp and Facebook Messenger, as well as task management tools like Asana, Google Workspace and Trello.

The above-mentioned research also analysed the spending habits and investment trends of companies concerning hybrid environment technologies, among other things.

Budgeting is a critical consideration in remote working. Cloud computing – an important aspect of hybrid working, is second only to business intelligence, which is software designed to retrieve, analyse and report data for business improvement, in terms of budgeting for specific technologies in South Africa, according to the report

“Spending is surprisingly uniform across numerous operational categories, from computers and cyber-security to accounting and ecommerce,” says Arthur Goldstuck, CEO of World Wide Worx and principal analyst on the project.

Furthermore, remote working involves tax considerations for both employees and employers – an area best tackled only with professional advice.

For example, employers are often requested to issue letters confirming that employees performed their duties mainly in a home office and the difficulty is that the employer has to vouch that all requirements were met.

In general, the hybrid workforce debate is of particular interest to SMEs, particularly since they may be able repurpose the savings of reducing office space and overheads.

The three pillars of a functional hybrid working model

The University of Cape Town’s Graduate School of Business lists the following pillars as vital to a functional hybrid working model:

  1. Trust: This is the foundation of the employee-employer relationship. The working model requires both parties to actively work on making it a success.
  2. Practicality: The nature of the business offering should determine the inner workings of the model and budget.
  3. Organisational policy: Policy needs to complement the working environment.

Take professional advice on how hybrid working can impact your business’ bottom line.

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.