SARS has implemented several updates for the upcoming Personal Income Tax (PIT) Filing Season. Firstly, the 40 Business Days Rule for amending auto-assessments has been aligned with the normal filing due date, which is now set for 23 October 2023. This extension provides more time for individuals in the auto-assessment population to revise their returns.
In terms of payment due dates, non-provisional eFilers will now have 30 days after receiving a notice of assessment to make their payments. For auto-assessed taxpayers, the payment due date will be 30 days after the closing date of Filing Season 2023.
Provisional taxpayers with business interests must declare their assets and liabilities in their tax returns, particularly if their assets exceed R50 million. This year, specified assets need to be declared at their market values.
Regarding foreign income disclosure, SARS has introduced new fields in the tax return for taxpayers who need to declare worldwide foreign income. These fields account for income received from foreign employment services not reflected on South African IRP5/IT3(a) certificates, and they differentiate between various tax exemptions.
For taxpayers married in community of property, SARS will now retrieve their marital status from previous declarations and collaborate with the Department of Home Affairs to confirm it. If successfully matched, both spouses will be taxed on 50% of their interest, dividends, rental income, and capital gains.
Furthermore, SARS has automated the process of requesting Reduced Assessment under section 93 of the Tax Administration Act. Taxpayers can now complete the RRA01 form on eFiling, resulting in improved efficiency and reduced costs.