Updated on January 10, 2024
As a working South African, it’s crucial to know the South Africa Tax Deadline 2024: What is the Last Date to File Taxes. Explore more details by reading on.
South Africa Tax Deadline 2024
The tax deadline in South Africa marks the final date for taxpayers to complete and submit their returns to the South African Revenue Service (SARS). The tax year for individuals spans from March 1 to the end of February 28 or 29 of the subsequent year.
If you’re earning income that’s not from a salary in South Africa, it’s crucial to register as a provisional taxpayer and fulfill your tax obligations. Being responsible means staying informed about South African tax requirements, ensuring timely filings, and staying ahead to avoid any potential fines.
Make sure to check out this post for all the details on the South Africa Tax Deadline in 2024. It’ll give you the complete information you need to file your taxes promptly and accurately.
South Africa Income Tax
South African income tax applies to the worldwide income of its citizens, but specific exemptions and allowable deductions are in place. To avoid double taxation for certain foreigners, appropriate relief measures are implemented. Since March 2020, tax residents in South Africa are required to pay taxes on annual income exceeding R1.25 million from overseas employment.
In South Africa, the collection of income tax falls under the responsibility of the South African Revenue Service (SARS). The funds collected contribute to financing public goods, including healthcare. The commonly used method for tax payment is Pay As You Earn (PAYE). With this approach, taxes are deducted from individuals’ paychecks on a monthly basis, and at the end of the tax year, the amounts are reconciled.
South Africa Tax Deadline Overview
| Post Title | South Africa Tax Deadline 2024 |
| Country | South Africa |
| Tax Paid to | South African Revenue Service (SARS) |
| Tax Deadline | February 29, 2024. |
| Tax Form Name | Form ITR12 |
When is the Deadline for Filing Taxes in South Africa?
Individuals surpassing the tax threshold or earning ZAR 30,000 or more annually from non-salary sources are classified as provisional taxpayers. These individuals are required to make provisional tax payments on August 31st (first payment), February 28th (second payment), and September 30th (third payment) each year.
As a result, provisional taxpayers are given until July 7, 2023, to submit their annual tax returns and settle taxes on income earned from March 1, 2022, to February 28, 2023. Non-provisional taxpayers, on the other hand, are required to file their annual income tax returns between July 7, 2023, and October 23, 2023.
Before August 31, 2023, provisional taxpayers should have already submitted their first provisional tax payment for the 2023–2024 tax year, covering half of the anticipated annual tax. The second tax payment, covering the remaining projected tax for the entire year, is then due by February 29, 2024.
Individuals, whether residents or non-residents, are exempt from the obligation to file a tax return (provided they meet specific criteria) if their total income for a tax year is below ZAR 500,000.
How to File Taxes in South Africa?
Even if your employer deducts your SARS income tax contributions from your pay while working in the country, it’s still necessary to file an annual South African income tax return.
The South African individual income tax return is referred to as Form ITR12. To complete this form, you’ll require essential documents such as bank statements, your tax number, and your employee tax certificate (IRP5/IT3a). Additionally, you’ll need detailed information on all types of income, as well as allowances and deductions that you are reporting on the form.
To file taxes in South Africa, it’s essential to register and obtain a SARS income tax number. If your company doesn’t handle this process, you should also familiarize yourself with the procedure for signing up for South African social security.
Once you have obtained your SARS income tax number, you have the option to file your tax return either online or on paper. You can acquire a physical copy of the form at your local SARS office. However, it’s important to note that registering for eFiling is a prerequisite for completing an online tax return in South Africa.
Concluding Words
The current tax year in South Africa spans from March 1, 2023, to February 29, 2024. Typically, the tax season, running from July to November, is when individuals are required to file their income tax returns. For the latest tax deadline, refer to the SARS website.
We appreciate your continued presence on our portal to learn about the South Africa Tax Deadline in 2024. If you have any questions or concerns regarding tax filing in South Africa, feel free to let us know. We’re here to assist you!