Bayside Accounting CC

Today is the final day to submit employer bi-annual PAYE reconciliations for the 2025 tax year....

SARS scaring you?? We can help - get in touch Happy Halloween!

Do you hold or trade in crypto? If so please be aware that SARS is specifically targeting taxpayers who do not declare this income and assets and they have put together specialist teams to ensure compliance in declaring this in your income tax returns. Need help? Contact us...

The filing season for IT 3(d) returns by Public Benefit Organisations is now open - this is the reporting requirement for donations received by PBO's and allows SARS to prepopulate your income tax returns with donations made by you...... contact us for more info

Bi-annual PAYE reconciliations are due not later than 31 October 2024. Employers beware! This needs to be done timeously .... we are here to assist if you are having difficulties🙂🙂

From 1 September 2024, members of pension funds, provident funds, pension preservation funds, provident preservation funds, and retirement annuity funds (collectively referred to as ‘the Funds’) will be able to access a portion of their retirement savings in the member’s retirement fund as a cash payment while still a member of that fund. Let us know if we can assist in this regard.

SARS has advised that it will be running upgrades on its digital platforms from Friday 6 September 2024 8pm to Monday 9 September 2024 8am. SARS has warned that during this period users may experience intermittent service interruptions on eFiling, Tax and Customs Digital Platforms.... KIV

SARS has issued an update to advise that the period to correct an auto assessment (for the 2024 tax year) has been extended to 21 October 2024 unless the date of the automatic assessment for the 2024 tax year is after 23 August 2024 😀

SARS has advised that they have reviewed the submission of company tax returns for the 2024 tax year and have issued the revised dates for submission. The company tax returns without latest legislative updates will be available on eFiling from 29 July 2024 while the company tax returns with the latest legislative updates will be available on eFiling from 16 September 2024... watch this space!

Historically, the Corporate Income Tax return (ITR14) was made available at the start of the individual Filing Season. This year, however, SARS has confirmed that the 2024 Corporate Income Tax return will only be available from 13 September 2024. SARS is currently finalizing the return to include all the legislative changes which came into effect for the 2024 year of assessment. The prototype of the 2024 ITR12T return for trusts will also be available on 13 September 2024, in preparation for the Trust Filing Season commencing on 16 September 2024. This means that the tax filing season for companies and Trusts is significantly shorter for this tax season and also impacts the first provisional tax returns and payments for the 2025 tax year. Have questions? Contact us for assistance....

If a refund is due to you, no need to call SARS or go to a branch. If your banking details are correct, there are no outstanding returns, and no verification required by SARS, your refund will be paid within 72 hours of issuing the Notice of Assessment. However if you are having difficulty with your SARS refund please contact us to assist!

If you disagree with the auto-assessment you must file your Income Tax Return (ITR12) with the additional information you have and submit it before 21 October 2024