On May 31, RSA Tax issued notice on thresholds, deadlines and forms.
RSA Tax issued notice on returns to be submitted by a person in terms of section 25, Tax administration act, 2011, read with section 66(1), Income tax act, 1962.
Document dated May 31, 2024, was added on Jun. 13, 2024 due to editorial backfill.
Specified Persons
Persons specified in the attached schedule must submit returns for the 2024 year of assessment, as defined in the schedule, within the periods specified in the schedule.
Include, i.a. every company or other juristic person, resident during the 2024 year of assessment that (i) derived gross income of more than R1 000; (ii) held assets with a cost of more than R1 000 or had liabilities of more than R1 000, at anytime.
And (iii) derived any capital gain or capital loss of more than R1 000 from the disposal of an asset to which the Eighth Schedule of the Income Tax Act applies; or (iv) had taxable income, taxable turnover, an assessed loss or an assessed capital loss.
Every trust that was a resident during the 2024 year of assessment.
Every company, trust or other juristic person, not resident during 2024 assessment year, that (i) carried on a trade through a permanent establishment in the Republic.
And (ii) derived income from a source in the Republic; or (iii) derived any capital gain or loss from disposal of an asset to which 8th Schedule to Income tax act applies.
Every company incorporated, established or formed in the Republic, but that was not a resident due to any agreement entered into with the government of any other country for the avoidance of double taxation during the 2024 year of assessment.
Return Submissions
In the case of any company public benefit organization, recreational club, income tax returns must be submitted within 12 months from date on which financial year ends.
In the case of all other persons, including natural persons, trusts and other juristic persons, such as institutions, boards or bodies: (i) on or before Oct. 21 2024; (ii) on or before Jan. 20, 2025 if the return relates to a provisional taxpayer or a trust.
Or (iii) where accounts are accepted per s 66(13A), Income tax act re the whole or portion of a taxpayer’s income, which are drawn to a date after Feb. 29, 2024 but on or before Sep. 30, 2024, within 6 months from date to which such accounts are drawn.
Jun. 7, 2024 Correction Notice
On Jun. 7, 2024, RSA GVT issued correction to notice no. 4918 of May 31, 2024 on returns to be submitted by a person in terms of s 25, Tax administration act.
Reference to R91 250 in paragraph 2(f)(vii)(aa) replaced with R95 750.
Reference to R141 250 in paragraph 2(f)(vii)(bb) replaced with R148 217.
Reference to R157 900 in paragraph 2(f)(vii)(cc) replaced with R165 689.
Jun. 19, 2024 Income Tax Updates
On Jun. 19, 2024, RSA GVT issued update on changes to personal income tax filing.
Updates include: pro-rata deduction re contributions to retirement funds.
Where any person’s year of assessment is less than 12 months, the amount used to calculate allowable retirement contribution deduction, currently R350 000, is adjusted.
The adjusted amount will bear the same ratio to R350 as the number of days in that year of assessment bears to 365 days:, if any person’s year of assessment is less than 12 months, the allowable retirement contribution deduction will be applied pro rata.
Also exemption of amounts received or accrued in respect of tax-free investments.
Where any person’s year of assessment is less than 12 months, the contribution limitation, currently R36 000, shall be adjusted for any year(s) of assessment during the 12-month period from March to end of Feb. of immediately following calendar year.
Therefore, if any person’s year of assessment is less than 12 months, the applicable contribution limitation, currently R36 000, will be applied pro rata.
Jun. 24, 2024 Updated Guides
On Jun. 24, 2024, RSA Tax published updated guides in run up to 2024 filing season.
Personal income tax phase of filing season 2024 commences with the issuing of auto-assessments from Jul. 1, 2024 up to Jul. 14, 2024.
On Jun. 27, 2024, RSA Tax published further update on Jun. 19 update, to provide additional clarity on the beneficial owner (BO) changes and a note to tax practitioners.
BO crucial for tax administration as it helps ensure transparency and accountability.
By identifying the individuals who ultimately benefit from an asset or income, tax authorities can accurately determine tax liabilities and prevent tax evasion.
May also help other competent authorities in investigating money laundering and other illicit activities; facilitates international cooperation, and exchange of tax-related information with other jurisdictions to detect and address cross-border tax evasion.
RSA Tax emphasized to practitioners that when completing and submitting ITR12 returns for individual taxpayers, container designated for individual taxpayer’s details must be completed with the taxpayer’s information, not that of the tax practitioner.
Jul. 17, 2024 Clarification Update
On Jul. 17, 2024, RSA Tax issued clarification re updates of Jun 19. and Jun. 27, 2024.
To align with information per s11F(2)(a) Income Tax Act.
Additional examples provided for: deduction in respect of contributions to retirement funds; exemption of amounts received or accrued in respect of tax-free investments;
Deduction in respect of erection or improvement of buildings in urban development zones; solar energy credit; redesigned deduction in respect of certain machinery, plant, implements, utensils and articles used in production of renewable energy.
Also ITR12 form changes: RSA Tax has redesigned the s10(1)(o)(i) and s10(1)(o)(ii) questionnaire to make it easier for taxpayers to complete the return.
Jul. 26, 2024 Reduced/Additional Assessment
On Jul. 26, 2024, RSA Tax published notice 5077 extending the date for requests about a reduced/additional assessment by those taxpayers eligible for automatic assessment.
Extension of requests until Oct. 21, 2024; extension does not apply if the date of the automatic assessment is after Aug. 23, 2024.
Document dated Jul. 26, 2024, received from RSA Tax Sep. 9, summarized on Sep. 12.
Regulators
RSA GVT; RSA Tax
Entity Types
Corp; Fiduciary
Reference
Nt 5077, OG 50986, PR, 7/26/2024; PR 7/17/2024; PR 6/27/2024; PR, Gd IT-GEN-06-G01, Gd IT-AE-46-G01, Gd IT-AE-36-G06, Gd IT-AE-36-G05, GEN-GEN-56-G01, GEN-ELEC-06-G01, GEN-PT-01-G01, 6/24/2024; PR 6/19/2024; OG 50770, RN 4948, 6/7/2024; PR, OG 50741, RN 4918, 5/31/2024
