The time to file your 2024 tax return is fast approaching. SARS e-filing opens Monday, July 15th for individual taxpayers (not provisional). This applies until Monday, October 21, 2024. And, while we speak, an approximation 4.5 million SARS Self-Assessments are being sent to eligible candidates by the evening of Sunday, July 14, 2024Beyond that, other 2024 tax filing dates to keep in mind are that provisional taxpayers have up to January 20, 2025 to file their tax information. And trusts have a filing period of 12 months. September 16, 2024 to January 20, 2025.
2024 TAX RETURN
However, SARS has also warned those filing their 2024 tax return that a number of scams are circulating. Cybercriminals love to take advantage of this time of year and try to impersonate SARS. A scam may ask for your ID number and/or bank details to initiate a supposed refund. The tax service says it will never ask for your bank details or ID number as it has all of these details.
And it will never ask you to open a hyperlink via email or text message. SARS has a list of over 500 such phishing scams on its website that you should watch out for. That said, in the run-up to Monday, July 14th And as the 2024 tax season begins, there’s one simple but serious mistake you should avoid. If you do, you could seriously jeopardize your chance of getting a refund, according to TaxTim.
A SIMPLE MISTAKE
This error on your 2024 tax return, in a nutshell, is one to take. Don’t file a return on SARS eFiling before the portal is officially open. Monday, July 14This is because the ITR12 information entered by third parties is completed before the opening of the tax period and there is a chance that this information may not be loaded or fully processed before you rush to click “Submit”.
We know you want to be aware and do this as soon as possible to get a potential refund. But doing so can cause major failures on the part of SARS and lead to lengthy delays in processing your data. Therefore, under no circumstances should you try to file your 2024 tax return early. Likewise, if you try to file your 2024 tax return early, you may also miss out on a SARS self-assessment that you are already eligible for.
REASONS FOR FILING AN EARLY CLAIM
There are only three instances in which you can file your 2024 tax return (ITR12) early, SARS explains:
- They have been declared bankrupt or have been seized.
- You are filing a tax return for the estate of a deceased person.
- If you are emigrating and need to present your tax compliance status to your bank.
