When are the South African deadlines for tax in 2024?

In South Africa, tax deadlines for the 2024 tax year are important for both individuals and businesses to ensure timely compliance. Here’s a summary of key tax deadlines for 2024:

1. Individual Income Tax

• Tax Year: The South African tax year runs from March 1, 2023, to February 29, 2024.
• Submission Deadlines:
• Manual Submissions: If you are submitting a paper return, the deadline is generally September 29, 2024.
• eFiling: If you are filing online via the SARS eFiling system, the deadline is usually November 22, 2024. This is applicable for individuals who are not registered for provisional tax.
• Provisional Taxpayers: If you are a provisional taxpayer, the deadlines for filing and paying provisional tax returns are as follows:
• First Provisional Payment: Due on August 31, 2023 (for the first half of the year).
• Second Provisional Payment: Due on February 29, 2024 (for the second half of the year).

2. Corporate Tax

• Tax Year: The corporate tax year generally aligns with the company’s financial year end, which might differ from the calendar year.
• Submission Deadline: Companies must file their corporate tax return (ITR14) within 12 months after the end of their financial year. For companies with a financial year ending on February 29, 2024, the deadline would typically be August 31, 2024.
• Provisional Tax:
• First Provisional Tax Payment: Due six months after the start of the financial year.
• Second Provisional Tax Payment: Due six months before the end of the financial year.

3. VAT Returns

• VAT Filing: Businesses registered for VAT must submit VAT returns either monthly or bi-monthly, depending on their VAT registration status and turnover.
• Payment Deadlines: VAT returns are due on the 25th of the month following the end of the VAT period. For example:
• Monthly VAT: For the period ending in January 2024, the return and payment are due on February 25, 2024.
• Bi-Monthly VAT: For the period ending in December 2023 and January 2024, the return and payment are due on February 25, 2024.

4. Employee Tax

• PAYE, UIF, SDL Returns: These must be submitted monthly. The deadline for submissions and payments is typically on the 7th of the month following the month for which the payment is due.

5. Annual Reconciliation

• EMP501 Reconciliation: Employers must submit an annual reconciliation of PAYE, UIF, and SDL by May 31, 2024. This includes reconciling employee tax certificates (IRP5s/IT3(a)s).

6. Tax Year End for Other Obligations

• Other Specific Dates: Keep in mind that some deadlines might differ based on your specific business type or unique circumstances.

Important Notes:

• Extensions: SARS occasionally provides extensions or special provisions, so it’s important to stay updated through SARS communications.
• Late Penalties: Be aware that failing to meet these deadlines can result in penalties and interest.

For accurate and updated information, always check the latest guidelines from SARS or consult with a tax professional.