Unveiling the Realities of the 2024 Tax Season

"Reality is merely an illusion, albeit a very persistent one" - Albert Einstein

Simply stated: every particle is a wave of possibilities before it turns into form or matter.

This means we have an infinite number of choices to choose from before the "actual form" is created. 

Let's put this into perspective in terms of the 2024 Tax Season: 

Key Dates and Deadlines: 

The 2024 tax season kicks off on 1 July 2024 and runs until 23 October 2024 for non-provisional taxpayers, while provisional taxpayers have until 31 January 2025. Mark these dates to avoid any last-minute rush.

Importance of Keeping SARS Details Updated:

It is imperative that you ensure that your correct personal details. 

Understanding Auto Assessments:

These will be issued by SARS to taxpayers whose tax affairs are less complicated, those taxpayers whose information could be pre-populated from third-parties such as employers and banks, between 1 July - 14 July 2024.

But not all third-party data have been pre-populated AT ALL on all Auto Assessments. This has been established, a known fact. And not all third-party data has been pre-populated CORRECTLY on all Auto Assessments. Also a known fact.

SARS doesn't know about all your authentic, authorised abatements that you qualify for. How would they know if you merely accept the auto assessment?

• If you do not affirm that your medical aid savings ran out and so you could claim for medical expenses you paid for in cash, you should apprise SARS about it.
• If your employer requires you to work from home for more than 50% of your time, and certain conditions apply, you should apprise SARS about it.
• SARS would not automatically know to apply the solar rebate you might be eligible to claim.

Act attentive by not merely accepting the Auto Assessment, alternatively this will just be to your own disadvantage, resulting you to be overtaxed! 

Taxpayers who are not auto assessed by SARS:

Filing season for non-provisional taxpayers who was not auto assessed by SARS, commences on 15 July 2024 to 21 October 2024.

For provisional taxpayers the last day of submission will be 20 January 2025.

Again, SARS has issued a warning in line with the Tax Administration Act to implement harsh penalties for late filing.

Who must submit an Income Tax Return:

• If you have conducted any trade such as any business, including the letting of any property,
• If you are a SA Resident, and conducted any trade or employment outside SA, 
• If you have received any allowances such as travel & subsistence,
• If you have local Capital Gains or Losses, exceeding R 40 000,
• If you received any income or a capital gain from funds in foreign currency or assets outside the Republic attributed to you,
• If you hold any participation rights in a Controlled Foreign Company,
• If you received an Income Tax Return or were asked to submit an Income Tax Return for the tax year,
• If you have received income above R500 000 from a single source or any income from more than one source.

Common Pitfalls to Avoid:

Reality is that there are risks involved in accepting the auto-assessment from SARS. Chances are, your auto-assessment may be inaccurate, in that

• SARS may not have received all the data from third-parties to populate an error free assessment
• You will miss out on claiming certain deductions, such as wear and tear, home office, donations to charities, travel and medical expenses to name but a few, 
• You will not be exempt from penalties or legal action if you accept the auto-assessment in declaring inaccurate facts to SARS. 

In conclusion: 

Since every particle is a wave of possibilities before it turns into form or matter, seize the possibility to change your reality.

Yóúr choice.

Yóúr reality.

Contact us now to ensure a hassle free, accurate Tax Filing Season.