FAQ: For which period can Provisional Taxpayers claim the Solar Energy Tax Credit?
Provisional Taxpayers can claim the Solar Energy Tax Credit only in the February 2024 tax period.
FAQ: How will the rebate work?
If you are employed, the rebate must be included in your Income Tax return for the year ending 28 February 2024. If you pay Provisional Tax, claim the solar-energy rebate in the two provisional tax returns that are due (February 2024 and August 2023) to reduce your taxable income. Note: you must pay income tax […]
FAQ: What is the minimum capacity per panel to qualify for the rebate?
To qualify for the rebate, the minimum generation capacity per panel must be 275 watts.
FAQ: What happens if I enter an amount of more than R15 000 on the IRP6?
Taxpayers are limited to a rebate of not more than R15 000 in total. The system will give you a warning message stating that the solar-energy tax credit rebate amount you entered is greater than R15 000.
FAQ: What documents do I need to claim a rebate?
Taxpayers will need a VAT invoice showing the cost of the solar panels separately from other items, along with proof of payment. The installation will have to be proved with a certificate of compliance in terms of the Electrical Installation Regulations (2009) to ensure safety of the installation and compliance with electric regulations.
FAQ: Does the rebate apply to only new and unused solar PV panels?
Yes, it only applies to new and unused solar photovoltaic (PV) panels with a minimum generation capacity of 275 watt per panel (design output), installed as part of a new system, or as an extension of an existing system. The solar system must be connected to the main distribution board of the residence (i.e. no […]
FAQ: What is the SARS solar tax benefit?
This incentive is available for one year between 1 March 2023 and 29 February 2024. Individuals who install rooftop solar panel(s) can claim a rebate of 25% of the cost of the panels, up to a maximum of R15 000 per taxpayer. Taxpayers can use the solar tax rebate to reduce tax liability in the […]
FAQ: There are concerns about personal information and the fact that each shareholder’s income tax number, cell number and email address is required to be disclosed to which a shareholder might object. Has SARS considered any POPI Act implications in this regard?
Yes, SARS has considered the issues raised, and will not be in violation of either the POPI Act or the SARS oath of secrecy.
FAQ: Should the declaration of the shareholding be at the date of submission of the return, or the shareholding at the end of the year of assessment for which the return is submitted?
The details of the holders of the beneficial interest in the shares as at the end of the year of assessment should be submitted. In other words, it should be a snapshot of the position at the end of the specific year of assessment.
FAQ: Where there are nominee shareholders holding shares on behalf of another shareholder, which shareholder’s information is meant to be disclosed? Should the ITR14 “share register” align to the company’s share register required in terms of the Companies Act, which will have the nominee shareholder and not the ultimate shareholder?
The ITR14 requires disclosure of the holder of the beneficial interest in the share, and not the nominee or registered holder.
