![]() The South African Revenue Service (SARS) has announced significant updates for the 2024 tax season, including provisions for solar energy and tax-free savings. The new tax season begins on 1 July 2024, with the introduction of auto-assessments. SARS has outlined six key changes for individual taxpayers, involving updates to processes, forms, and tax categories. These changes primarily address technical details, such as the timing of deductions for contributions to retirement funds and tax-free savings accounts, as well as the introduction of new subsidies. Notably, the 2024 tax year marks the implementation of the solar tax credit, and individuals who have utilized this temporary subsidy should ensure it is properly declared this year. You can read more here from SARS regarding the Tax season, SARS Tax Season. Key filing dates Please take note that previously some auto assessments received by our clients required corrections and adjustments, so don't just simply accept SARS' assessment. Review it and consult a tax practitioner if you need help. You may contact our Su-Chin Chen who is our Accountants by sending an email to: [email protected] Tax CertificatesYou should have received tax certificates from financial institutions in last few weeks to aid in your tax filing. These certificates include those from medical aids, banks, life insurance companies, and investment companies. Please check your email inbox and junk folder, searching for the keyword "tax certificate" to locate relevant emails. Download the attached tax certificates and save them in a folder on your local drive or cloud storage for your tax filing purposes. Below we indicate how you can get your tax certificate from Various providers:
Discovery Health
If you would like assistance with getting your tax certificate please contact our team on email: [email protected], tel: (011)658-1333
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![]() As you are aware, the tax filing season for individual non-provisional taxpayers has started 1 July 2022. We would like to remind you to submit your tax return in good time. According to SARS official media release: - over 3 million taxpayers, have been auto-assessed by SARS and will not have to file a tax return if they are satisfied with the outcome. - Non-Provisional taxpayers who did not get an auto-assessment and who are required to file a return can do so from 1 July 2022 up until 24 Oct 2022. - Provisional taxpayers as well as Trust submissions can start with filing a return from 1 July 2022 until 23 January 2023. Click the links below for SARS announcements: https://www.sars.gov.za/media-... Filing Season 2022 for Individuals is now open Our resident tax practitioners' feedback is that many of the auto assessments received by our clients require corrections and adjustments, so don't just simply accept SARS' assessment. Review it and consult a tax practitioner if you need help. Tax Certificates By now you should have received tax certificates from financial institutions in the months of May and June to assist with your tax filing. These include tax certificates from the medical aid, banks, life insurance companies and investment companies. Check your email inbox and junk folder, search for the keyword "tax certificate" to find relevant emails. Download the attached tax certificates in a folder on your local drive or cloud storage for tax filing. Discovery Health: The email from Discovery Health looks like the following: You may ask Discovery to redeliver your tax certificates and tax summaries through their WhatsApp service on your smartphone: Ask Discovery WhatsApp Service You can access your communication in the secure inbox available through www.discovery.co.za and the mobile app. Allan Gray Investment The email from Allan Gray looks like the following: To view and download your tax certificates, log into your secure online account https://www.allangray.co.za, then navigate to Reports >> Tax certificates once you've logged in.
If you have difficulties downloading your tax certificates, or require the service of a tax practitioner, email to [email protected] and our team will gladly assist you. Help South Africa - Do your tax filing On 23 February 2022, Finance Minister Enoch Godongwana delivered the annual budget speech, providing an update on South Africa’s finances. Low economic growth, vast unemployment, increasing debt levels, coupled with South Africa still being in a state of disaster two years since the start of the Covid-19 pandemic, all contributed to a complicated juggling act for the Minister of Finance. Given the unrest witnessed in 2021 along with weak foreign investment, the 2022 budget had to be geared not only to curb unemployment and to stimulate economic growth, but to also give assurance to foreign investors. In the words of Minister Godongwana “we need to strike a critical balance between saving lives and livelihoods, while supporting inclusive growth. This budget presents this balance”. In partnership with Morningstar: South African corporate credit is one of the less covered investments in the fixed income universe. The market is skewed towards the financial sector and characterised by structural illiquidity. Finance Minister Tito Mboweni gave his budget speech on 24 February. Overall it is a taxpayer and investor friendly budget. Old Mutual has a nice summary of tax changes, we share with readers below. Allan Gray has provided an excellent summary of the 2019 budget speech. We would like to share with you here: What were the key changes?![]() SARS would to remind taxpayers of their obligation to submit outstanding tax returns. Taxpayers who do not submit their returns are charged a penalty, which can range from R250 to R16 000 per month, depending on the taxable income of the taxpayer. It is a criminal offence not to submit a return, and continuous non-compliance will lead to criminal prosecution. SARS’ responsibility is to collect tax and customs duties on behalf of the country, and is committed to ensuring that each and every taxpayer pays their fair share towards the growth of our country. The Revenue Authority will be taking a tougher stance on those who do not submit their returns and deliberately seek to avoid their tax obligations. If you have any queries on your personal or business tax, contact our Finance Department, email [email protected], tel (011)658-1333 Source: SARS |
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January 2025
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