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Solar Panel Tax Incentive: FAQs
- 27 February 2023
- Accounting
- South African Accounting Academy
The improved revenue collection has enabled the Minister to provide tax relief in excess of R20 billion to both individuals and companies to support the response to energy challenges and to account for inflation tax adjustment.
For individuals this will include tax relief in the installation of solar panels and expansion of a renewable energy tax incentive for companies.
This FAQ document answers some important questions on the specific requirements in respect of individuals, who can claim, what can be claimed, how to claim, how this affects inverters and batteries, etc.
Click here to download the FAQs:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer, an accountant or tax practitioner, you need to be aware of the proposed changes to tax legislation that is brought about by the annual budget speech.
- As an employer and taxpayer, you also need to comply with the Income Tax Act in your workplace
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the Income Tax Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
- It is important to be aware of the proposed changes to tax legislation that is brought about by the annual budget speech.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.