ENS Tax In Brief

SARS publications

• Tax Directives process | Software update for the Two Pot Retirement system
• To facilitate the upcoming two-pot retirement system changes, SARS will enhance the Tax Directives process.
  • The changes are detailed in IBIR-006 Tax Directives interim Interface Specification Version 6.702.
  • A revised version of the specification will be published once the law is promulgated. SARS will also communicate trade testing dates in due course.
• Filing season 2024 dates
  • Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024.
    • Auto-assessment notices: 1 July 2024 to 14 July 2024.
  • Provisional taxpayers: 15 July 2024 to 20 January 2025.
  • Trusts: 16 September 2024 to 20 January 2025.
  • More information available here.
• Auto-assessments | Check your bank details on SARS' system before 1 July 2024
  • Taxpayers are reminded that from 1 July 2024 SARS will again issue autoassessments to taxpayers whose tax affairs are less complicated.
  • If taxpayers are in agreement with the auto-assessment, then there is no need to "accept" the assessment. If a refund is due to taxpayers, it will automatically be paid into their bank account.
  • Thus, taxpayers need to confirm that their banking and registered details are correct on SARS' system.
  • More information on ensuring that taxpayers' details are correct can be found here.
• Air Passenger Manifest
  • Air Passenger Manifest submissions can now be submitted on the SARS Online Query System here.
• Section 18A donations deductible on eFiling
  • Third Parties (banks, medical schemes, fund administrators, section 18A approved institutions, among others) must, by law, send third-party data to SARS. They must include information such as:
    • Savings account interest;
    • Medical scheme contributions;
    • Withholding tax on interest;
    • Dividends tax;
    • Medical scheme contributions, and insurance payments; and
    • IT3 data submissions: IT3(b), IT3(c), IT3(d), IT3(e), IT3(s) and, IT3(t).
  • IT3(d) third-party refers to the information contained in the section 18A tax deductible receipts issued to donors (e.g. if you have donated to a Section 18A approved charity).
  • For more information see the Tax Exempt Institution webpage.
  • For guidance see SARS' How to activate the IT3 for third-party data on eFiling and How to Complete and Submit IT3(d) on eFiling.
• Average Exchange Rates
  • The ITA provides specifically that certain amounts expressed in a foreign currency must be translated into Rand by the application of an applicable average exchange rate.
  • The term "average exchange rate" is defined in section 1(1) of the ITA and means, in relation to a year of assessment, the average exchange rate determined by using the closing spot rates at the end of daily or monthly intervals during a year of assessment. This rate must be applied consistently within that year of assessment.
  • The South African Reserve Bank ("SARB") determines weighted average exchange rates, based on the foreign exchange transactions of commercial banks. SARS publishes these rates on a quarterly basis, which may be used by taxpayers in the determination of the average exchange rate when required in the ITA. The Average Exchange Rate tables are as follows:
    • Table A – A list of the average exchange rates of selected currencies for a year of assessment as from December 20 Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months.03; and
    • Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months.
  • The next update can be expected in September 2024.

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