Tax season is upon us, and Biz Evolution is here to keep you informed! As a individual taxpayer in South Africa, understanding the filing deadlines and auto-assessment process is crucial to ensure a smooth tax season.
Key Dates for 2024 Filing Season:
- Auto-Assessment Notices Issued: 1 July – 14 July 2024
- Individual (Non-provisional) Tax Payers: 15 July 2024 – 21 October 2024
- Provisional Taxpayers: 15 July 2024 to 20 January 2025.
What are Auto-Assessments?
The South African Revenue Service (SARS) offers auto-assessments to simplify tax filing for millions of taxpayers. For the 2024 tax season, SARS aims to auto-assess approximately 3.5 million non-provisional taxpayers.
Here’s how it works: SARS uses information received from your employer, banks, medical aid, and other institutions to pre-populate your tax return. This can include your income, deductions, and tax credits.
Benefits of Auto-Assessments:
- Convenience: Saves time and eliminates the need for manual calculations.
- Accuracy (Potentially): SARS pre-fills the return based on official data, reducing errors.
Important Considerations:
- Review Carefully: While convenient, auto-assessments may not capture all your income sources or deductions. It’s crucial to review the information thoroughly for any discrepancies.
- Missing Information: If you have additional income sources, deductions, or medical expenses, you’ll need to submit them with your return.
- Disagreement with Assessment: If you disagree with the auto-assessment, you can edit and submit your tax return electronically through eFiling or the SARS MobiApp.
Biz Evolution: Your Partner in Tax Season
Filing taxes can be overwhelming, but Biz Evolution is here to help. Our team of experienced team of practitioners can assist you with:
- Reviewing your auto-assessment for accuracy.
- Identifying any missing deductions or credits.
- Completing and submitting your tax return electronically.
Don’t wait until the last minute! Contact Biz Evolution today to ensure a stress-free tax season.
Remember: These dates are for the 2024 tax season. For the latest information and resources, visit the SARS website.
