Tax Season 2024
2024 year of assessment is defined as the period of 12 months ending on 29 February 2024, meaning that it started on 1st March 2023, and it ended on 29th February 2024.08.22
Who must submit an income tax return for 2024 year of assessment:
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Every resident company;
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Every resident trust;
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Every resident natural person;
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Every non-resident company, who carried on a trade in the Republic during 2024 year of assessment;
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Every non-resident natural person who during 2024 year of assessment received interest income from the Republic;
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Every estate of a deceased person that had a gross income during 2024 year of assessment;
2024 year of assessment for companies means the financial year of the company ending during 2024 calendar year.
Who is not required to submit an income tax return:
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A natural person, or an estate of a deceased person, whose gross income for 2024 year of assessment consisted solely of one or more of the following:
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Remuneration, which was free from allowances and advances, from a single employer, which does not exceed R 500 000 and employees’ tax were deducted in terms of the deduction tables prescribed by SARS;
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Interest from a source in the Republic, not exceeding:
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R 23 800 for natural persons below the age of 65 years at the end of the year of assessment;
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R 34 500 for natural persons aged 654 years or older at the end of the year of assessment;
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R 23 800 for an estate of a deceased person.
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Dividends, which are exempt from normal tax and the natural person was a non-resident for the entire 2024 year of assessment.
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Amounts received, or accrued, from tax-free investments;
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Single lump sum received from a retirement fund, where tax has been deducted in terms of a tax directive issued by SARS.
Income tax return filing dates
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Auto-assessments |
1 July 2024 to 14 July 2024 |
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Individual non-provisional taxpayers |
15 July 2024 to 21 October 2024 |
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Individual provisional taxpayers |
15 July 2024 to 20 January 2025 |
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Trusts |
16 September 2024 to 20 January 2025 |
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Companies |
Within 12 months from the date on which its financial year ends |
Income tax returns must be submitted as follows:
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Companies – electronically on SARS eFiling
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Natural persons and trusts – electronically on SARS eFiling, or at a SARS branch through the assistance of a SARS Official
USE OF A REGISTERED TAX PRACTITIONER
Taxpayers must ensure that their tax practitioners are registered with SARS and periodically verify their status on SARS website. To learn more about tax practitioners, please click here ( link to the “Use of registered tax practitioners” article).