SARS has announced the big changes to tax processes for the 2024 filing season, including updates for retirement funds and tax-free savings contributions.
The South African Revenue Service has detailed the big changes for tax season 2024, which kicks off on 1 July with the rollout of auto-assessments.
Most notably, the 2024 tax year is the one in which the solar tax credit is in effect, and anyone who took advantage of the temporary subsidy should remember to declare it as such this year. Therefore, if any person’s year of assessment is less than 12 months, the allowable retirement contribution deduction will be applied pro rata.Section 12T of the Income Tax Act was amended as follows:
Deductions in respect of the erection or improvement of buildings in Urban Development Zones Section 13 of the Income Tax Act, was amended by substituting the following paragraph in subsection for paragraph : ‘‘ which is brought into use by the taxpayer after 31 March 2025.’’To encourage individuals to invest in clean electricity-generation capacity, the solar energy tax credit was available for one year.
The redesigned Renewable energy tax incentive will apply to the currently eligible renewable energy sources, with no electricity-generation limits for the duration of this temporary incentive.
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