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Changes in the personal income tax return for the 2024 tax filing season
- 25 June 2024
- SARS Issues
- South African Accounting Academy
SARS has made the following updates for the upcoming Personal Income Tax Filing Season:
- Pro-rata deduction in respect of contributions to retirement funds
- Exemption of amounts received or accrued in respect of tax-free investments
- Deductions in respect of erection or improvement of buildings in urban development zones
- Solar energy tax credit
- Redesigned deduction in respect of certain machinery, plant, implements, utensils and articles used in production of renewable energy
- ITR12 form changes — redesign sections 10(1)(o)(i) and 10(1)(o)(ii): foreign employment income exemption
- ITR12 form changes — beneficial owner
The SAICA publication contains further details on each of the above aspects.
SAICA has also reminded of 2024 Filing Season for individuals will open in July, as follows:
- Auto Assessment notices: 1 to 14 July 2024
- Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024
- Provisional taxpayers: 15 July 2024 to 20 January 2025
- Trusts: 16 September 2024 to 20 January 2025
Click here to download the SAICA Alert document:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor, independent reviewer and accountant, who is involved in providing taxation services, you should be aware of relevant information published by the regulators, e.g. SAICA and SARS, to provide information on the latest changes affecting personal income tax.
- Tax Practitioners should be aware of the changes to the personal income tax return for the 2024 filing season.
- Any member of SAICA should always be aware of the latest guidance that has been issued by the professional body.
Relevance to Your Clients:
- Taxpayers should be aware of the changes to the personal income tax return for the 2024 filing season.
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