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.