Diarise these important 2024 tax dates
The only two certainties in life are death and taxes, and just like that SARS has released important 2024 tax dates you should diarise.
The South African Revenue Service (SARS) has just released important 2024 tax dates you should definitely diarise as soon as possible. That’s right, it feels like just yesterday we were completing our 2023 income tax returns, but the 2024 tax dates are upon us already. Here’s what you need to know …
2024 TAX DATES
However, never fear, because we’ll walk you through the 2024 tax dates so you can get your affairs in order early and enjoy a smooth tax season. Business Tech reports that tax season 2024 essentially opens next month, in July and runs into October. Here are the 2024 tax dates you should familiarise yourself with:
- Tax season for individual (non-provisional) taxpayers opens Monday 15 July 2024. And closes on Monday 21 October 2024.
- 2024 tax dates for provisional taxpayers also opens on Monday 15 July 2024. However, these run till Monday 20 January 2025.
WHAT’S THE DIFFERENCE?
You probably need a reminder about non-provisional versus provisional tax. TaxTim explains that provisional taxpayers automatically make contributions to SARS via PAYE deduction off their paycheck each month. They will only have to submit an income tax return (ITR12) annually. Therefore, non-provisional taxpayers are most likely to be auto-assessed by SARS. But more on that later …
Alternatively, you have provisional taxpayers. These are citizens who earn income other than a salary from one single source. These multiple incomes will have had no income tax deducted as yet, and this therefore must be completed by the taxpayer’s submission personally.
TRUSTS AND AUTO-ASSESSMENTS
- As far as trusts are concerned, the 2024 tax dates are Monday 16 September 2024 to Monday 20 January 2025.
- And auto-assessment notices will start going out in just three weeks’ time, from Monday 1 July 2024, till Sunday 14 July 2024, says SARS.
These is no new information regarding the auto-assessment process for 2024 as yet. Last year there was a time stipulation you had to accept the auto-assessment within. However, the government agency says it will update on the rules and regulations shortly.
With only a few weeks to go ahead of the 2024 tax dates, SARS urges individual taxpayers to check they have received their IRP5/IT3(a). These, and other tax certificates like medical aid, retirement annuity fund, and any third-party data, will help determine their tax standing. Through SARS’ robust AI systems, most of this third-party data should already processed by the taxman.