The South African Revenue Service has updated its information for taxpayers for the 2024 TSX season, which begins next week with the rollout of auto-assessments.
Non-provisional taxpayers who are required to file a tax return, as well as taxpayers in the auto-assessment population who wish to file a return in response to their auto-assessments,Taxpayers who are part of the auto-assessment population will receive an SMS and/or email to notify them that an auto-assessment has been issued.
This applies in cases where investment income only accrues to one spouse despite the fact that they are married in community of property.A Tax-Free Investment is a financial instrument; or policy owned by a natural person or deceased/insolvent estate of a natural person and is administered by a person or entity designated by the Minister of Finance .
If a taxpayer was coded as insolvent during the year of assessment, any balance of the annual TFI limitation not fully utilised for tax reference number 1 will be used for tax number 3 , should the taxpayer declare tax free investment for the same year of assessment.Section 11F of the Income Tax Act was amended.
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