INDIVIDUAL FILING

The filing periods for 2025 will still be announced by SARS. Tax Certificates to be issued by third parties, will be ready after 31st May 2025.

AUTO ASSESSMENTS

The good news is that a significant number of individual taxpayers will be auto-assessed again this year, and this process will start in July.  No need to call SARS, they will send you an SMS if you are selected to be auto-assessed.  However, they have made it much easier this year. When you receive the SMS, log into e-Filing or Mobi-App to view your assessment. If you agree with the assessment there is nothing more to do – if a refund is due, they will pay it or if you owe SARS then please pay them.

HOME OFFICE CLAIMS:

For home office claims, rental income, and additional income to be declared, be so kind to contact us for assistance?

Requirements to be able to claim the Home Office expenses:

• You  must have spent more than 50% of your total working hours working  from your home office.
• A letter from your employer stating the hours and % you can work from home
• Your Home Office space must be exclusively used for this purpose and specially equipped to do your job.
• For a Commission Earner - more than 50% of your total remunerate additional expenses like telephone, stationery, repairs to printer etc. will be allowed. Read our blog on Home Office expense for more in-depth information
• Should you meet these requirements, a percentage of the total square meterage used for Home Office space can be claimed along with the following expenses:
• Rent or interest on bond
• Repairs to the premises
• Rates and taxes
• Water and electricity
• Cleaning
• Internet
• A clear photo of the dedicated room equipped as the office and measurements
• A Selfie of yourself holding your ID in hand with a note specifying the date and update of your details.

Any person who receives income  other than their salary paid by the employer, is a provisional taxpayer. Most salary earners are therefore not-provisional taxpayers if they have no other sources of income.

When do I receive income that is exempt from provisional tax:

• interest received less than R23 800 if you are under 65; or
• interest received less than R34 500 if you are 65 and older or; tax free savings account.

Registered PBO (public benefit organisations, NPC  (Non-profit Company) or Recreational Institutions.

Take note:

• When the employer who is not registered for employees’ tax, the taxpayer is liable to make provisional calculations and is obligated to register as a Provisional taxpayer to pay over the employees’ tax to SARS.
• A person who is told by the Commissioner that he or she is a provisional taxpayer.
• If a person earns income from more than one source, they must register for Provisional Tax via on E-filing or at a SARS Office,  to be able to submit the IRP6 (provisional tax returns) per period.
• A Registered provisional taxpayer also needs to submit their annual Tax Returns (ITR12) but have an extended date for the current season – 24 January 2024
• IT14 – COMPANY TAX RETURNS – to be filed 29 February 2024.
• Refunds can be done to correct Banking Details.  Check you banking details before the tax submission.

In case you owe taxes to SARS, The Notices of Assessment, the ITA34 will give you the final date to pay.  Pay in time to prevent a monthly interest added to your tax debt.

Provisional Tax is paid the end of August (first payment on a tax season

• First period 2024/01 is paid the end of August 2023
• Second period February 2024
• Third payment to top-up September 2024 if needed.

SARS has made it easier for you.  Auto-Assessment is different this year.

Tax payers with taxes,  less complicated may get an auto- assessment.  Tax payers with auto-assessments will be notified via a sms.   Log into E-filing or MobiApp.   If you agree with SARS, you do not have to “accept”.

If you disagree with the auto-assessment, choose the Edit option, declare the additional information to SARS and file as a normal  tax return through e-Filing of SARS Mobi App.  It should be done within 40 business days from the date of assessment.   You may be selected for verification or an audit. Make sure you do have all the supporting documents available.

On agreement with the auto-assessment, SARS will not select you for verification or an audit.

Refunds can take approximately 72 hours from the date of your assessment.   SARS should be notified of new banking details in time to have your refunds done successfully.   In case you owe taxes to SARS, do the payments as soon as possible to avoid interest.  The Notices of Assessment, the ITA34 will show the payment due date.

You can request for an extension if you could not submit within 40 days.   Be alert that you do not have outstanding returns of previous years.

As from 1 September 2024, retirement funds will be subject to the new two-pot system which aims to minimise early withdrawals, while retaining the principle of exempting contributions and growth, but taxing withdrawals.

The “retirement pot” cannot be accessed before retirement. The “savings pot” can be accessed with a single taxable withdrawal in any 12 month period, subject to tax at marginal rates.

• One-third of the total contribution goes to the “savings pot” and the balance to the “retirement pot”.
• The fund balance as at 31 August 2024 will remain in the “vested pot”.
• Withdrawals will be subject to tax according to the relevant lump sum table.
• Members may transfer the lesser of 10% of the fund balance or R30 000