'Tis the season to file your taxes
We are pleased to present the newest edition of our monthly Tax Buzz Bulletin newsletter, designed to keep you informed about the latest developments in tax compliance and practices.
‘Tis the season to file your taxes, and we at the CPD Consortium are here to ensure you’re equipped!
In this edition of our Monthly Tax Buzz Bulletin, we bring you key dates for the 2024 Filing Season, updates on SARS medical aid reporting, and essential reminders on auto assessments and data verification.
Our goal is to keep professionals like you well-informed and prepared beyond just filing deadlines. Let’s navigate the world of taxation together with the knowledge you need to thrive!
2024 Tax Filing Season Dates
As we approach the 2024 Filing Season, it’s essential to mark your calendars with the following important dates:
- Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024
- Auto-assessment notices: 1 to 14 July 2024
- Provisional taxpayers: 15 July 2024 to 20 January 2025
- Trusts: 16 September 2024 to 20 January 2025
This filing season, trusts have been allocated their own specific tax filing period, with both provisional and non-provisional trusts falling under the same reporting timeframe.
Changes in SARS Medical Aid Data Reporting
SARS is implementing significant changes in Medical Aid data reporting to improve taxpayer compliance. Enhancements include:
- Providing data on disabled principal members and their dependents,
- Providing information on payments made on behalf of principal members, and
- distinguishing non-allowable from allowable expenses on the IT3(f) certificate. These changes aim to streamline processes, minimize audits, speed up tax return assessments, and ensure precise allocation of medical tax credits.
Starting in September 2024, medical aids must comply with the updated Medical Scheme Contributions Business Requirement Specification (BRS) for data submission.
Auto-Assessment – Simplifying Taxpayer Filing Obligations
Auto-assessments streamline tax filings by leveraging data from employers, financial institutions, and third parties.
Important Notes for Taxpayers and Their Tax Practitioners:
- Refunds or debts under R100 carry over to the next tax year.
- Ensure your tax return is complete, including any unreported income, deductions, or changes.
- Retain supporting documents for any adjustments made to your assessment, as SARS may request them.
- Ensure SARS has your correct banking information to facilitate timely refunds.
- If you accept your auto-assessment, no further action is required. To dispute or amend your assessment, submit a revised tax return by October 21, 2024.
Maintaining Accurate Client Information
As reported by SARS, there continues to be an issue with tax practitioners misrepresenting taxpayers’ information by entering their own contact details (cell phone number and email address) instead of those of their clients on the Registration, Amendments, and Verification form (RAV01).
This practice prevents direct communication from SARS to taxpayers, including crucial notifications like One-Time Pins for eFiling profile transfers and changes in registered representatives.
SARS emphasizes the importance of accurate information submission on the RAV01 forms to facilitate seamless communication regarding tax affairs. Ensuring correct client contact details helps maintain compliance and effective correspondence with SARS.
Expand Your Tax Knowledge: Join Our CPD Consortium Community!
Join the CPD Consortium community on LinkedIn and Facebook today! Explore our upcoming webinars designed for professional development in taxation.
These sessions provide essential insights and updates to professionals at all levels, ensuring you stay informed and equipped to navigate the complexities of tax practices effectively.
Follow us now to discover valuable opportunities for enhancing your knowledge and skills in the field.