087 460 0162 admin@crha.co.za

TAX FILING SEASON UNDERWAY FOR 2024 (AND IN NEARING CLOSING STAGES FOR 2023)

The 2023 tax filing season opened on 7 July 2023 with a number of changes to e-filing. In line with SARS intention to get to know tax-payers better the information section has been expanded as has the section on beneficial ownership.

Deadline dates have been set and we understand the SARS is going to be tough on non-compliance levying penalties and interest and giving taxpayers little room to object.

The deadlines for filing are as follows:

  • Non provisional taxpayers to be filed by 23 October 2023
  • Provisional taxpayers (including Trusts) to be filed by 23 January 2024.

SARS have ramped up the use of auto assessments where taxpayers data reflects single income source and routine deductions. This is a quick route for the SARS to clear assessments and for taxpayers to avoid having to file forms. Those who have been auto assessed will confirm the 72 hour notice period provided for you to object alternatively the assessment will be closed and a notice issued to the taxpayer.

In respect of 2024, you should be well into the tax cycle given that your first provisional tax filing is due on 30 August 2023.

Some key points to note include:

  • Your annual income for 2024 must be estimated and included on the IRP6 filing
  • This must include Capital Gains you have realised and those likely to realise in next 6 months
  • You can however, use the “basic amount” which is your most recent assessed taxable income should you not have access to the above
  • Bear in mind that if your basic amount is for a period longer than 18 months ago, you are required to add 8% per annum to this amount.

For business owners, the proposed basis for the above is to use the latest management accounts and gross up accordingly and then deduct known allowances.

Please do not hesitate to contact your professional service provider, who can assist with an accurate computation and submission of your filing.

 

Contact Craig on 083 282 1535 or craig@crha.co.za or Sarah on 082 460 8517 or sarah@crha.co.za

 

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.