ENS Tax In Brief



ENS is an independent law firm with over 200 years of experience. The firm has over 600 practitioners in 14 offices on the continent, in Ghana, Mauritius, Namibia, Rwanda, South Africa, Tanzania and Uganda.
Tax Directives process | Software update for the Two Pot Retirement system
South Africa Tax
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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.
  • 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.
  • 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.
  • 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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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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