TaxAdvise - Tax, Accounting and Consultancy https://taxadvise.co.za/info/tax-2023 2026-10-22T09:20:38+00:00 TaxAdvise.co.za Joomla! - Open Source Content Management 2023-07-06T10:14:47+00:00 2023-07-06T10:14:47+00:00 https://taxadvise.co.za/info/tax-2023/42-tax-2023-changes Maya Nikolova

<table style="margin-left: auto; margin-right: auto;" border="1px solid rgb(0, 0, 0)" width="648" cellspacing="0" cellpadding="2"> <tbody> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Aligning the 40 Business Days Rule</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">The 40 business days for revising auto-assessments now align with the filing due date for non-provisional taxpayers (23 October 2023).</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Payment Due Dates</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Non-provisional eFilers have a payment due date of 30 days after receiving a notice of assessment. Auto-assessed taxpayers have the same deadline, which is 30 days post Filing Season 2023 closing date.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Statement of Assets and Liabilities</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Provisional taxpayers with business interests must declare assets and liabilities based on cost. Assets above R50 million require market value.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Foreign Income Disclosure</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">New fields for declaring income received from foreign employment services, subject to tax outside RSA, and exemptions for worldwide foreign income.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Spouses Married in Community of Property Assessment</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Taxpayers married in community of property are taxed on half of their interest, dividends, rental income, and capital gains.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Section 93 Reduced Assessment</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Automated process for requesting Reduced Assessment under section 93 of the Tax Administration Act using the RRA01 form on eFiling.</span></p> </td> </tr> </tbody> </table> <p> </p>

<table style="margin-left: auto; margin-right: auto;" border="1px solid rgb(0, 0, 0)" width="648" cellspacing="0" cellpadding="2"> <tbody> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Aligning the 40 Business Days Rule</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">The 40 business days for revising auto-assessments now align with the filing due date for non-provisional taxpayers (23 October 2023).</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Payment Due Dates</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Non-provisional eFilers have a payment due date of 30 days after receiving a notice of assessment. Auto-assessed taxpayers have the same deadline, which is 30 days post Filing Season 2023 closing date.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Statement of Assets and Liabilities</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Provisional taxpayers with business interests must declare assets and liabilities based on cost. Assets above R50 million require market value.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Foreign Income Disclosure</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">New fields for declaring income received from foreign employment services, subject to tax outside RSA, and exemptions for worldwide foreign income.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Spouses Married in Community of Property Assessment</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Taxpayers married in community of property are taxed on half of their interest, dividends, rental income, and capital gains.</span></p> </td> </tr> <tr> <td style="border: 1px solid #000000; padding: 0.02in; width: 186.2px;"> <p><span style="font-family: Calibri, serif;"><b>Section 93 Reduced Assessment</b></span></p> </td> <td style="border: 1px solid #000000; padding: 0.02in; width: 448.133px;"> <p><span style="font-family: Calibri, serif;">Automated process for requesting Reduced Assessment under section 93 of the Tax Administration Act using the RRA01 form on eFiling.</span></p> </td> </tr> </tbody> </table> <p> </p> 2023-07-06T10:13:02+00:00 2023-07-06T10:13:02+00:00 https://taxadvise.co.za/info/tax-2023/41-tax-2023-info Maya Nikolova

<ol> <li> <p style="margin-bottom: 0.11in; line-height: 108%;"><b>General</b></p> </li> </ol> <p style="margin-bottom: 0.11in; line-height: 108%;">Public Notice 3540 in <i>Government Gazette 48788</i> relates specifically to income tax returns to be submitted by a person in terms of Section 25 of the Tax Administration Act 28 of 2011. It was promulgated on 14^th June 2023.</p> <p style="margin-bottom: 0.11in; line-height: 108%;">2023 year of assessment is defined as the period of 12 months, ended on 28 February 2023, that is from 1 March 2022 to 28 February 2023.</p> <ol start="2"> <li> <p style="margin-bottom: 0.11in; line-height: 108%;"><b>Who must submit an income tax return?</b></p> </li> </ol>

<ol> <li> <p style="margin-bottom: 0.11in; line-height: 108%;"><b>General</b></p> </li> </ol> <p style="margin-bottom: 0.11in; line-height: 108%;">Public Notice 3540 in <i>Government Gazette 48788</i> relates specifically to income tax returns to be submitted by a person in terms of Section 25 of the Tax Administration Act 28 of 2011. It was promulgated on 14^th June 2023.</p> <p style="margin-bottom: 0.11in; line-height: 108%;">2023 year of assessment is defined as the period of 12 months, ended on 28 February 2023, that is from 1 March 2022 to 28 February 2023.</p> <ol start="2"> <li> <p style="margin-bottom: 0.11in; line-height: 108%;"><b>Who must submit an income tax return?</b></p> </li> </ol>