2024-06-28-KPMG_Global-South_Africa_–_2024_Tax_Filing_Season_5页_299kb

Flash Alert Overview: South Africa's SARS issued updates to the 2024 tax filing season guidelines through Government Gazettes No. 50741 and No. 50770, amending income thresholds for natural persons.

Key Deadlines:

• Filing season opens on Monday, July 15, 2024.
• Non-provisional taxpayers must file by Monday, October 21, 2024.
• Provisional taxpayers must file by Monday, January 20, 2025.

Income Thresholds for Filing:

• Must file if gross income exceeds:
  • ZAR 95,750 (under 65).
  • ZAR 148,217 (65-74 years).
  • ZAR 165,689 (75 or older).
• Additional triggers: Trade income, capital gains over ZAR 40,000, foreign currency funds, or overseas assets valued over ZAR 250,000.

Exemptions from Filing:

• No return required if income solely from:
  • Remuneration ≤ ZAR 500,000 with no taxable allowances/benefits.
  • Interest ≤ ZAR 23,800 (below 65) or ≤ ZAR 34,500 (65+).
  • Exempt dividends from non-residents.
  • Tax-free investments or single lump sums with tax withheld.
• Exceptions apply if claiming deductions, fringe benefits, or foreign service amounts.

Auto-Assessment Process: SARS will auto-assess many taxpayers using third-party data; these should be reviewed, and adjustments may be needed if disputed. Taxpayers can agree or file a return by the deadline.

Filing Methods and Requirements: Natural persons can file electronically via SARS eFiling or in person. Supporting documents must be retained for five years as per the Tax Administration Act.

Disagreement with Assessments: If not agreeing with SARS auto-assessment, file a return by the deadline or within 40 business days from the notice.

General Advice: Taxpayers should stay informed, proactive about compliance, and consult SARS or tax professionals for accurate filing. KPMG recommends careful review of auto-assessments before acceptance.