Tax season 2024 has officially kicked off, and it’s time to file your income tax returns. Whether you’ve already submitted your return via eFiling or are still figuring out the next steps, you’re not alone – we’re here to help. Here are some answers to the most pressing questions you might have, so you can navigate tax filing season with confidence.
When is the 2024 tax return deadline?
It’s always better to get started early so you’re not rushing to file your income tax returns at the last minute. At the start of July 2024, SARS already auto-assessed more than 5 million taxpayers, but if you were not one of those selected, mark your calendars with the key dates to ensure you file in time.
The 2024 tax season runs from 1 July until 21 October 2024 for non-provisional taxpayers, and until 20 January 2025 for provisional taxpayers.
Who needs to file income tax returns?
You might be wondering if all the extra admin really is necessary, and you have to file your income tax return. The simple answer is that not everyone needs to submit a tax return, but if you fall in one of the following categories, you’re required to:
- If you earned more than R500 000 in the last tax year
- If you had more than one employer or income source
- If you earned income from rental property, investments, a side business or freelance work
- If you want to claim tax refunds or rebates
TIP – fill in this questionnaire if you are still unsure who should file income tax returns.
Gathering the necessary documents.
Getting your tax documents organised ahead of time, makes the whole process easier, saving you some time and stress. Here’s a checklist to help you gather the necessary documents:
- IRP5/IT3(a) from your employer(s) or pension fund
- Financial statements that show your business, rental, or other investment income and expenses
- Medical scheme contribution certificates and receipts for your medical tax credits
- Pension or retirement annuity fund contribution certificates to help reduce your taxable income
- Travel logbook if you receive a travel allowance or use a company car.
Keep in mind that SARS requires taxpayers to keep all supporting documents for five years. This means you should hold onto receipts, bank statements and any other relevant paperwork just in case you need to provide proof of your claims.
Updates on Changes for Tax Filing Season 2024
Every year, there are some tweaks and changes to the tax rules, and this year is no different. Being aware of these changes can help you make the most of any new benefits or adjustments:
- The tax-free threshold has been adjusted to R95 750 for South Africans under the age of 65.
- Medical tax credits have been adjusted, so be sure to check how this affects your claims.
- If you’ve been working remotely or from home, you might be able to claim some home office expenses as well.
- If you’ve invested in new solar panels, you can get a tax credit of 25% of the cost of the panels, up to R15 000. Keep in mind that this only applies to the solar panels, not the batteries, inverters, or installation costs.
- The limits on tax-free investments have been adjusted. If your tax year is less than 12 months, the contribution will be pro-rated.
How to file your income tax returns
Filing your tax return doesn’t have to be a complicated or stressful process. SARS has made it super convenient for everyone to handle their tax matters from anywhere, whether you have internet access or not. Here’s how you can get it done:
- Visit SARS’ eFiling website to file your income tax returns, submit documents, and check your status updates.
- Download the SARS MobiApp to manage your taxes on the go, so you can handle everything from your cell phone.
- Help-You-eFile: If you’re feeling stuck, a SARS service consultant can help guide you through the eFiling process.
- Send a WhatsApp message to the SARS support number for immediate assistance.
- USSD Mobile: Don’t have internet access? No problem. You can dial a special code on your phone to access basic services and information without needing an internet connection.
- Make an Appointment at your nearest SARS branch and get in-person assistance.
- Manual Submission: If you like doing things the old-fashioned way, you can request a tax return to be mailed to you. Fill it out manually and submit it at a SARS branch.
What happens if I owe SARS money or am due a refund?
A tax refund can be a nice financial boost, so make sure to put it to good use. If you are due a refund, be sure to double check that your bank details on the SARS eFiling system is correct. You can also use the eFiling system to keep an eye on the status of your refund. Consider saving the refund, paying off debt, or investing it for future growth.
If you find out that you owe SARS money, it’s important to take care of it as soon as possible, and pay the full amount by the due date displayed on your Notice of Assessment. If you can’t pay it all at once, contact SARS to arrange a payment plan to avoid penalties and interest.
What happens if I file may income tax return late?
Filing your income tax return late can result in penalties and interest on any amount you owe to SARS, which can quickly add up. Fines can range from R250 up to R16 000 for each month that you are non-complaint. Plus, you could expect delays for your tax refund. If you know you won’t make the deadline, it’s best to contact SARS as soon as possible.
Avoid tax return scams
Tax season can unfortunately attract scammers looking to take advantage of unsuspecting taxpayers. To protect yourself, always verify that you are dealing directly with SARS through their official channels. Be wary of emails, calls, or messages asking for your personal information or payment details. Especially be careful of SMS scams claiming you are due a refund or owe SARS specific amounts. SARS will never send this information in an SMS or email.
Staying vigilant can help you avoid scams and keep your personal information safe. Remember, SARS will never ask for confidential information via email or SMS. If something seems off, trust your instincts. If SARS calls you, they will always confirm your identity to protect your privacy and security. Additionally, if SARS has any updates for you, an SMS will ask you to log into eFiling or the SARS MobiAppStaying.
TIP – always hover over hyperlinks sent to you to make sure it a “sars.gov.za” link.
BONUS TIP – watch this tutorial video on how to stay alert for scams.
We’ve got your back
LAW FOR ALL is here to make tax season easy for you! If you’re a Platinum+ policyholder we’ll take care of filing your income tax return for you. Our Gold+ and Platinum policyholders also benefit from telephonic advice on personal tax matters like salary structuring, tax planning, and resolving disputes with SARS. Need assistance with your tax? We’re just a call or email away.
With a little bit of preparation and the right information you can navigate tax season 2024 with ease. Filing accurately and on time not only keeps you complaint but can also save you money in the long run. You’ve got this! Here’s to a smooth and stress-free tax filing season!
To learn more about our legal cover, be sure to have a look at LAW FOR ALL’s affordable comprehensive policies. Sign up today!
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