With 2024 on the way, it’s worth pencilling in some important dates and deadlines that lie ahead. Keeping track of these dates can be overwhelming, but we’re here to make it easier for you.
From paying taxes to enrolling in benefits programs, these key dates have the power to shape your financial future, and it’s our mission to help you make the most of them. That’s why we’re writing this article – to provide you with a clear and concise overview of the upcoming year’s most critical financial milestones.
We believe that by working together, we can help you achieve your financial goals, and make this year a success. So, take a deep breath, grab a pen, and let’s get started!
Quick link to the SARS Income Tax Rates https://www.sars.gov.za/tax-rates/income-tax/
Quick link to the SARS Tax Season Notice https://www.sars.gov.za/types-of-tax/personal-income-tax/filingseason/
Some Important Dates
23 January
The last day for provisional taxpayers to get their filing completed.
28 February
1 March
Start of the new 2025 tax year which means your personal submissions later in the year are for the 2024 Tax year.
E-Filing opens on15 July 2024 for provisional and non-provisional taxpayers
15 July 2024
Provisional taxpayers can submit from 7 July 2024
Individuals and Non-provisional taxpayers have between 15 July 2024 and 21 October 2024
July
31 August
This is the last day for your first provisional tax payment. You are required to pay half your total estimated tax liability for the present tax year.
21 October 2024 Is the closing date for personal returns to be submitted.
October
November
Income Tax submission deadline for those submitting online. This is the last day for non-provisional and provisional taxpayers.
20 January 2025 Is the closing date for provisional taxpayers returns to be submitted.
January 2025
For business owners, SARS has a widget which I hope they will keep up to date.
Link here: https://www.sars.gov.za/important-dates-4/
The tax season runs from 1 March – 28 February the following year.
Currently, the maximum amount you can invest in a Tax-Free Savings is R36 000 a year and R500 000 in your lifetime. There is no maximum for investing in your Retirement Annuity however a maximum of 27.5% of your taxable income will qualify for the tax deduction in that year. You can still contribute more than 27.5% of your income and simply claim it back in next year’s submissions.
A provisional tax payer is someone who earns an income other than that of their salary. Examples would include rental income and investment income. A non-provisional tax payer is someone who only earns an income from their salary.
