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SARS Tax Season 2024 Now Open

15 Jul 2024
Author: Neil Helps

SARS Tax Season 2024 Now Open

Tax Season 2024 Officially opened today. Here is your essential information for this tax season:

Tax filing Deadlines:

Individual Taxpayers (Non-Provisional) - 21 October 2024

Provisional Taxpayers (Individuals, Companies and CC's) - 20 January 2025

Trusts Opens 16 September 2024 - 20 January 2025

Auto Assessments:

You can check your auto assessment status via this link SARS Online Query (2.1.0.0 (Prod)) - taxpayers are urged to ensure they check their returns for accuracy or have their tax practitioner review their return. Any errors not seen to can come back to haunt you and become an admin nightmare to resolve.

Significant changes for Tax Season 2024 in South Africa

SARS highlighted six main changes for individual taxpayers, with updates to processes, forms and tax types. Read Significant changes for Tax Season 2024 in South Africa (zeeliepasa.co.za)

Ensure you submit early this tax season so that you can enjoy your December holiday without worrying about the tax man.

SARS Tax Tables

Here is the SARS tax tables for 2024:

Individuals - 2024 tax year (1 March 2023 – 29 February 2024)

22 February 2023 – See changes from last year:

​Taxable income (R) ​                      Rates of tax (R)

1 – Up to 237 100                           18% of taxable income

237 101 – 370 500                          42 678 + 26% of taxable income above 237 100

370 501 – 512 800                          77 362 + 31% of taxable income above 370 500

512 801 – 673 000                          121 475 + 36% of taxable income above 512 800

673 001 – 857 900                           179 147 + 39% of taxable income above 673 000

857 901 – 1 817 000                        251 258 + 41% of taxable income above 857 900

1 817 001 and above                        644 489 + 45% of taxable income above 1 817 000

Company tax rate - 2024 tax year = 27%

Trust Tax Rate = 45%

Small Business Corporations (SBC)

21 February 2024 – No changes from last year:

Years of assessment ending any date between 1 April 2024 and 31 March 2025

Taxable Income (R)     Rate of Tax (R)

1 – 95 750                    0% of taxable income

95 751 – 365 000        7% of taxable income above 95 750

365 001 – 550 000      18 848 + 21% of taxable income above 365 000

550 001 and above      57 698 + 27% of the amount above 550 000

22 February 2023 – No changes from previous year:

Years of assessment ending any date between 1 April 2023 and 31 March 2024

Taxable Income (R)     Rate of Tax (R)

1 – 95 750                     0% of taxable income

95 751 – 365 000          7% of taxable income above 95 750

365 001 – 550 000       18 848 + 21% of taxable income above 365 000

550 001 and above       57 698 + 27% of the amount above 550 000

Medical Tax Credit Rates 

21 February 2024 – No changes from last year :

​Per month (R)

​​​For the taxpayer; or for a dependant who is a member of a medical scheme or fund, where the taxpayer him- or herself is not a member of a medical scheme or fund R364

​​For the taxpayer and one dependant; or in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund R728

​​For each additional dependant R246

Capital Gains Tax (CGT)

21 February 2024 – no change from last year:

​Type 2024

​Individuals and Special Trusts 18%

​Companies 21.6%

Other Trusts 36%

Events that trigger a disposal include a sale, donation, exchange, loss, death and emigration. The following are some of the specific exclusions:

  • R2 million gain or loss on the disposal of a primary residence;
  • most personal use assets;
  • retirement benefits;
  • payments in respect of original long-term insurance policies;
  • annual exclusion of R40 000 capital gain or capital loss is granted to individuals and special trusts;
  • small business exclusion of capital gains for individuals (at least 55 years of age) of R1.8 million when a small business with a market value not exceeding R10 million is disposed of; and
  • instead of the annual exclusion, the exclusion granted to individuals is R300 000 for the year of death.

Tax Rebates

21 February 2024 – No changes from last year:

Primary = R17 235

Secondary (65 and older) = R9 444

Tertiary (75 and older) = R3 145

Tax Thresholds

21 February 2024 – No changes from last year:

Under 65 = R95 750

65 and older = R148 217

75 and older = R165 689

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