SARS publications
- Tax Directives process | Software update for the Two Pot Retirement system
- To facilitate the upcoming two-pot retirement system changes,
SARS will enhance the Tax Directives process.
- The changes are detailed in IBIR-006 Tax Directives interim Interface Specification Version 6.702.
- A revised version of the specification will be published once the law is promulgated. SARS will also communicate trade testing dates in due course.
- Filing season 2024 dates
- Individual taxpayers (non-provisional): 15 July 2024 to 21
October 2024.
- Auto-assessment notices: 1 July 2024 to 14 July 2024.
- Provisional taxpayers: 15 July 2024 to 20 January 2025.
- Trusts: 16 September 2024 to 20 January 2025.
- More information available here.
- Individual taxpayers (non-provisional): 15 July 2024 to 21
October 2024.
- Auto-assessments | Check your bank details on SARS' system
before 1 July 2024
- Taxpayers are reminded that from 1 July 2024 SARS will again issue autoassessments to taxpayers whose tax affairs are less complicated.
- If taxpayers are in agreement with the auto-assessment, then there is no need to "accept" the assessment. If a refund is due to taxpayers, it will automatically be paid into their bank account.
- Thus, taxpayers need to confirm that their banking and registered details are correct on SARS' system.
- More information on ensuring that taxpayers' details are correct can be found here.
- Air Passenger Manifest
- Air Passenger Manifest submissions can now be submitted on the SARS Online Query System here.
- Section 18A donations deductible on eFiling
- Third Parties (banks, medical schemes, fund administrators,
section 18A approved institutions, among others) must, by law, send
third-party data to SARS. They must include information such as:
- Savings account interest;
- Medical scheme contributions;
- Withholding tax on interest;
- Dividends tax;
- Medical scheme contributions, and insurance payments; and
- IT3 data submissions: IT3(b), IT3(c), IT3(d), IT3(e), IT3(s) and, IT3(t).
- IT3(d) third-party refers to the information contained in the section 18A tax deductible receipts issued to donors (e.g. if you have donated to a Section 18A approved charity).
- For more information see the Tax Exempt Institution webpage.
- For guidance see SARS' How to activate the IT3 for third-party data on eFiling and How to Complete and Submit IT3(d) on eFiling.
- Third Parties (banks, medical schemes, fund administrators,
section 18A approved institutions, among others) must, by law, send
third-party data to SARS. They must include information such as:
- Average Exchange Rates
- The ITA provides specifically that certain amounts expressed in a foreign currency must be translated into Rand by the application of an applicable average exchange rate.
- The term "average exchange rate" is defined in section 1(1) of the ITA and means, in relation to a year of assessment, the average exchange rate determined by using the closing spot rates at the end of daily or monthly intervals during a year of assessment. This rate must be applied consistently within that year of assessment.
- The South African Reserve Bank
("SARB") determines weighted average
exchange rates, based on the foreign exchange transactions of
commercial banks. SARS publishes these rates on a quarterly basis,
which may be used by taxpayers in the determination of the average
exchange rate when required in the ITA. The Average Exchange Rate
tables are as follows:
- Table A – A list of the average exchange rates of selected currencies for a year of assessment as from December 20 Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months.03; and
- Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months.
- The next update can be expected in September 2024.
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