SARS’ have already opened the 2023 tax filing season. Important dates to remember are:
Closing date for ITR12 returns for non-provisional tax payers : 23 October 2023.
Closing date for ITR12 returns for provisional tax payers: 24 January 2024.
The actual closing dates should be carefully noted to avoid late submission penalties. In the past many taxpayers were under the impression that returns had to be submitted by the last day of October or January but this is clearly not the case.
Some changes SARS has made this year
Those who qualify for auto assessment and who should already have been notified of this via SMS or email, will now have until 23 October to revise their return should they need to amend their auto- assessment.
Provisional taxpayers with business interests will be required to declare their assets and liabilities at cost. Taxpayers with assets above R50m will need to declare specified assets at market values.
SARS have added new fields to the ITR12 form to cater for those with foreign employment income.
For more details on the 2023 Tax Filing season, please click here.