Exciting news for Trusts managing their taxes: SARS has officially set the filing dates for the 2024 season.
Trusts will need to file from 16 September 2024 to 20 January 2025.
This includes both provisional and non-provisional taxpayers.
Key Enhancements for 2024
SARS has introduced several updates to improve the filing process.
Here’s a rundown of the key changes:
Renewable Energy Incentives
To boost private investment in renewable energy, SARS has temporarily enhanced the current tax incentives under section 12B of the Income Tax Act.
This includes improved deductions for machinery and equipment used in renewable energy production.
Urban Development Zone (UDZ) Extension
The tax incentive for Urban Development Zones has been extended by two years, now lasting until 31 March 2025.
This extension provides additional time to benefit from the incentive.
Clarifications on Loans to Trusts
New clarifications have been made regarding loans, advances, or credit granted to Trusts by connected persons.
The exclusion for acquiring a primary residence now includes funding for improvements, with new limitations on the land where the residence is located.
Public Officer Confirmation
A new question has been added to the form wizard to ensure the appointed trustee is not disqualified from their role.
Updated Donations Reporting
Trusts can now list up to 20 approved organisations when reporting donations.
This update simplifies the process of documenting charitable contributions.
New Request for Reduced Assessment Feature
SARS has introduced a new feature for managing requests for reduced assessments under section 93 of the Tax Administration Act (TAA).
Taxpayers will complete the Request for Reduced Assessment (RRA02) form to generate a case for determining eligibility for a reduced assessment.
Beneficial Ownership Clarifications
Additional clarifications have been added to help complete information about unnamed beneficiaries in the Beneficial Ownership section.
Check the Updated Forms
For more details, take a look at the updated Income Tax Return for Trusts – the ITR12T prototype.
Visit the Trusts webpage for further information.
Tax Season Dates Reminder
Here’s a quick reminder of the upcoming tax season dates confirmed by SARS:
- Individual Taxpayers (non-provisional): 15 July 2024 to 21 October 2024
- Provisional Taxpayers: 15 July 2024 to 20 January 2025
- Trusts: 16 September 2024 to 20 January 2025
Make sure you mark your calendar and stay updated!
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