Uncategorized

2024 income tax return filing in double-quick time

2024 income tax return filing starts on Monday 15 July for individual taxpayers (non-provisional). And this window runs till 21 October 2024. Meanwhile, an approximate 4.5-million SARS auto-assessments will be sent out between 1 and 14 July 2024. From there, provisional taxpayers have until 20 January 2025 to submit their particulars. And trusts should diarise a 2024 income tax return filing period of 16 September 2024 to 20 January 2025.

However, knowing the deadlines is one thing. Being able to successfully navigate 2024 income tax return filing and get a due refund at the end is quite another. If you’re unsure how to submit your tax return, or you’re worried you might even owe the South African Revenue Service (SARS) money in the end … think again.

2024 INCOME TAX RETURN FILING

Did you know 2024 income tax return filing can be done on the SARS MobiApp on your smartphone? Image: File

SARS has introduced a plethora of enhanced digital technologies in 2024 so if you have to file a return, you can do so in double-quick time. Moreover, these are the salary-earning taxpayers who don’t even have to file one. Nevertheless, TaxTim reckons 2024 income tax return filing is easier than ever this year … just as long as you have the following particulars handy …

HOW TO FILE A BASIC TAX RETURN

It’s really simple and shouldn’t take longer than a few minutes. Firstly, if you haven’t registered on SARS eFiling already, do so by inputting all your particulars. The system will automatically generate a 2024 income tax return form (ITR12) for you.

This is based off statements of accounts from your employer, bank, medical aid scheme, retirement annuity fund, investment manager and other relevant service providers. All your IRP5/IT3a documents will be there waiting for you. Easy. If some are missing, you will have to chase those up personally.

WHAT YOU NEED TO REGISTER

To register on the SARS eFiling website, you will need to upload:

  • A copy of your ID, proof of your residential address.
  • A bank statement that reflects the name of your bank, your name, account type and account number (not older than three months).

GET AN INCOME TAX REFERENCE NUMBER

2024 income tax return filing
All personal income tax data can be accessed online through your SARS eFiling profile. Image: File

An income tax reference number is a ten-digit number that appears on your IRP5. You get this through SARS eFiling. On the website click on Register and follow the prompts. Then define your role (individual or business). If you have any problems, you can always call SARS on 0800 007 277.

Even if you earn less than R500 000 annually, 2024 income tax return filing is the only way you will get a refund if you’re owed one. No file, no refund. Also, if a taxpayer has changed employers during the year or had multiple sources of income (ie. an entrepreneur or freelancer), they must definitely submit a return.

Likewise, if you receive remuneration other than a salary – like a travel or car allowance, or you have a medical aid/retirement annuity that’s not administrated through your employer – you must also submit a return.

HOW TO FILE A TAX RETURN

2024 income tax return filing
SARS says filing will take mere minutes in 2024, thanks to its innovative AI technologies. Image: File

Everyone’s tax needs differ, of course, but be sure to have the following documents ready when you log onto SARS eFiling for 2024 income tax return filing:

  • Your IRP5/IT3a tax certificate.
  • Medical aid tax certificate.
  • Retirement annuity tax certificate.
  • Statement of income earned besides your salary (as mentioned above).
  • Full details of your vehicle (If you have a travel allowance/company car) and a logbook specifying the mileage travelled for business.

CAN I STILL FILE MY TAX RETURN IN-PERSON?

If you feel you need in-person assistance, an agent at SARS will be able to assist you. Just be sure to bring along all your supporting documentation. Call the SARS Contact Centre on 0800 00 7277 first to book an appointment. You can make an online appointment HERE, or send an SMS to 47277.

SARS has also deployed a host of mobile tax units across the country to assist taxpayers who do not have devices or sufficient data to submit their tax returns digitally. Provinces and schedules will be released shortly and we will update you on these when available.

WHAT IF YOU’RE UNHAPPY WITH YOUR TAX RETURN?

2024 income tax return filing
You do have various forms of recourse if you’re unhappy with your eFiling return/refund. You must be able to back-up your statements though. Image: File

There is help through the Office of the Tax Ombud (OTO), if you are unhappy with your tax return. You can email complaints@taxombud.gov.za to receive a complaint form or telephone 0800 662 837. In your complaint you must document the situation in chronological order including all case numbers relevant to the complaint from SARS and attach all supporting documents.

WHAT ABOUT TAX RELIEF IN 2024?

If you want to defer 2024 income tax return filing, there is help at hand from SARS. It’s called the Voluntary Disclosure Program (VDP) and it assists historically non-compliant taxpayers that require a lifeline. It requires that you come clean about any past indiscretions. SARS will then consider waiving any penalties that may have arisen. Note that these are handled on a case-by-case basis and you should have a legal expert assist you with the SARS VDP process.

TRACK THE STATUS OF YOUR 2024 TAX RETURN

2024 income tax return filing
The South African Revenue Service (SARS) office in Lower Long Street, Cape Town CBD. Image: File

SARS allows you to track your tax return status online. The innovative new feature is part of SARS’ Online Query System, called My Tax Status Dashboard:

  • Enter your ID, personal details and income tax number.
  • Verify your details with a one-time pin (OTP).
  • Then you’ll be able to see the status of your tax return.

All queries, including those to receive your individual tax number in 2024, changing banking details, and how to reset your password can be done via the SARS Contact Centre on 0800 00 7277. SARS is open between 08h00-17h00 (excluding weekends and public holidays).

HAVE YOUR SAY

2024 income tax return filing
Is it worth paying this much tax each year? Image: File

This article is for informational purposes only and should not be construed as financial, tax or legal advice. For further details consult SARS or get in touch with a tax specialist like TaxTim. Are you prepared for 2024 income tax return filing? Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates. 

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *