Finance Minister Enoch Godongwana's recent MTBPS has significant implications for South African taxpayers across all income brackets. Delivered on October 30, 2024, the speech outlined the government's fiscal strategy amidst economic challenges, including lower-than-expected tax revenues and rising debt levels.
The 2024 trust tax season is well underway, with the South African Revenue Service (SARS) setting the filing period for trusts between 16 September 2024 and 20 January 2025. This year has brought some significant changes that trustees and business owners need to be aware of. These changes not only require thorough documentation but also increased transparency and detail on the activities and financial position of trusts. It is essential for trustees to ensure compliance, as SARS has intensified scrutiny on trust operations and beneficial ownership.
In a move aimed at bolstering the local manufacturing sector which is currently under severe pressure further compounded by the Ukraine crisis, the South African Revenue Services (SARS) has provided much-needed clarity on the extension of the diesel refund scheme to manufacturers of foodstuffs.
In recent years, the South African Revenue Service (SARS) has ramped up efforts to combat tax evasion, a growing concern that has led to significant revenue losses for the country. For business owners, understanding the importance of tax compliance and maintaining proper records has never been more crucial. As SARS intensifies its crackdown, the risks associated with non-compliance have increased.
As we approach the 2024 tax season, South African taxpayers are preparing for the annual ritual of filing their returns. The South African Revenue Service (SARS) has streamlined this process with the introduction of auto assessments, but it is essential to understand the timelines, potential pitfalls and opportunities to ensure that you accurately declare your income and claim all eligible deductions.
How to maximise your tax benefit from donating to PBOs and how the new SARS rules for S18A certificates affect you.
New SARS IT3(t) Requirements: What South African Trustees Need to Know
Retention of Accounting and Tax Records
