As we approach the 2024 filing season, it’s crucial to stay informed about important dates and changes. Whether you’re an individual taxpayer, a tax practitioner, or a GreatSoft system user, here’s what you need to know:

Individual Filing Season Dates and Updates

• Start Date: The official filing season for both provisional and non-provisional individual taxpayers begin on 15 July 2024. This is when you can start submitting your tax returns.
• GreatSoft System Update: On 13 July 2024, the GreatSoft system will be updated to the filing season version. This update not only includes filing season changes but is also a full CRM update.

What’s New on the ITR12 Return?

1. Solar Energy Tax Credit:
   • Individuals who acquired new and unused solar photovoltaic (PV) panels between 1 March 2023 and 29 February 2024 can claim a tax deduction equal to 25% of the panel cost, up to a maximum of R15,000.
2. Redesigned Section 10(1)(o)(i) and 10(1)(o)(ii):
   • The Wizard now presents specific questions that open the subsequent section 10(1)(o) deduction.
   • The income and deduction fields were consolidated into a single container, making it easier for taxpayers to complete.
3. Partnership Details:
   • When declaring that the taxpayer is in a partnership, it is now necessary to provide certain details about the partner(s) in the partnership.
4. Redesigned S12BA Deduction:
   • A temporary incentive is available for qualifying assets used in electricity generation.
   • Sole proprietors or farmers can receive a maximum deduction of 125% of the asset’s cost.

Additional Information

• Early Requests:
  • We strongly discourage any requests for 2024 ITR12 returns before the official filing season begins on 15 July 2024. Waiting until the official start date ensures accurate processing and compliance with tax regulations.
• eFiling Platform Changes:
  • The South African Revenue Service (SARS) is implemented changes to the eFiling platform last weekend.
  • Submissions of ITR12 returns will only be available again on 15 July 2024 when the individual filing season officially begins.
• Trust Filing Season:
  • The start date for the Trust filing season has been postponed to 16 September 2024. Make a note of this revised date for trust-related tax matters, as the 2024 filing season changes will only be implemented on that date.
• IT3(t) Changes:
  • The IT3(t) changes, on the GreatSoft system, will be part of the system update rolled out on 13 July 2024.
  • SARS has communicated that they will use IT3(t) data exclusively for testing and risk identification purposes during the 2024 year of assessment, without pre-populating beneficiary information.

Stay informed, mark your calendars, and prepare for a smooth 2024 filing season. If you have any specific questions or need further assistance, feel free to reach out on support@greatsoft.co.za or call us on 021 531 7180.

Happy filing!