2024 Income Tax Filing Season: Key Dates and Auto-Assessment Guide
The 2024 income tax filing season is just around the corner, and it’s important to know the key dates and processes to ensure a smooth experience.
Important Filing Dates:
- Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024
- Provisional taxpayers: 15 July 2024 to 20 January 2025
- Trusts: 16 September 2024 to 20 January 2025
What is Auto-Assessment?
SARS has made tax filing easier with auto-assessments, which use data from employers, financial institutions, and other sources to pre-calculate your tax return. If you agree with the assessment, you don’t need to do anything further. If you disagree, you can complete and submit your tax return by 21 October 2024 via eFiling or the SARS MobiApp.
Key Points to Remember:
- Refunds or Debts Under R100: These are rolled over to the next tax year and won’t be immediately payable.
- Completeness: Ensure your assessment includes all income and deductions. If you have additional income, like rental income, you must file a return with the new information before the deadline.
- Auto-Assessment Updates: If you disagree with the auto-assessment, you have until 21 October 2024 to submit a revised tax return. If issued after 21 October, you have 40 business days to file.
How to Handle Your Auto-Assessment:
- Agree with Assessment: If satisfied, no action is needed. Refunds should be received within 72 hours if your banking details are correct.
- Disagree with Assessment: Access your return via eFiling or MobiApp, make necessary changes, and submit before the deadline.
Payment Information:
If you owe SARS, make the payment by the due date shown on your Notice of Assessment (ITA34) to avoid interest. Payments can be made through eFiling, MobiApp, or participating banks.
For a hassle-free filing season, stay informed of these dates and guidelines. Should you need further assistance, contact PRNC for help with all your tax return needs.
