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2024 Filing Season
- 12 July 2024
- Individuals Tax
- IAC - The Professional
It is important to note that there are numerous changes for this year’s filing season as a result of legislative changes.
Beneficial Owner
SARS noted that tax practitioners sometimes put their own details in the contact information section in the place designated for the individual taxpayers that they represent when submitting ITR12 forms.
When completing and submitting ITR12 returns for individual taxpayers, practitioners must ensure that the container designated for the individual taxpayer’s details is filled with the taxpayer’s information, not that of the tax practitioner.
Exemption-tax-free Investments
If any person’s year of assessment is less than 12 months, the applicable contribution limitation (currently R36 000) will be applied pro rata based on the shorter period.
Foreign Employment Income Exemption
SARS redesigned the s10(1)(o) (i) and s10(1)(o)(ii) questionnaire to make it easier for taxpayers to complete the return.
It noted that the ITR12 form rules were a challenge to taxpayers. Previously, taxpayers had to first select the applicable wizard questions for the income, exemption, and foreign tax credit containers before completing the exemption amount for qualifying criteria.
The updated form streamlines this process, making it easier for taxpayers to complete the return.
Retirement Fund Contributions
If any person’s year of assessment is less than 12 months, the allowable retirement contribution deduction (currently R350 000) will be applied pro rata for the shorter period of time.
Solar Energy Tax Credit
To encourage individuals to invest in clean electricitygeneration capacity, the solar energy tax credit was available for one year. It applied to new and unused solar PV panels that were acquired by the individual and brought into use for the first time from 1 March 2023 to 29 February 2024.
The amount of the solar energy tax credit allowed as a deduction to an individual was 25% of the cost of the solar PV panels described above, up to a maximum of R15 000.
Deceased estates do not qualify for solar tax credit.
Urban Development Zones
Section 13quat of the Income Tax Act, was amended by substituting the following paragraph in subsection (5) for
paragraph (c): ‘‘(c) which is brought into use by the taxpayer after 31 March 2025.’’
Therefore, the Income Tax Return (ITR12) form will be amended to extend the allowable deduction until 31 March 2025.
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