Solar Tax Incentive

[tonedeff]

Good day MyBB, apologies if this was asked and answered already

I installed solar during March/April this year, and was wondering

The 2023 Budget outlined that individuals would be eligible for a tax rebate of 25% of the cost of any new and unused solar photovoltaic (PV) panels purchased and installed at a private residence for which a certificate of compliance was issued from 1 March 2023 to 29 February 2024.

With the tax rebate, am I correct in assuming, that it was installed in "the next financial year", so it wont form part of the sars tax return that is to be completed now, and will form part of next years return, right?

 

[dj_jyno]

Good day MyBB, apologies if this was asked and answered already

I installed solar during March/April this year, and was wondering

The 2023 Budget outlined that individuals would be eligible for a tax rebate of 25% of the cost of any new and unused solar photovoltaic (PV) panels purchased and installed at a private residence for which a certificate of compliance was issued from 1 March 2023 to 29 February 2024.

With the tax rebate, am I correct in assuming, that it was installed in "the next financial year", so it wont form part of the sars tax return that is to be completed now, and will form part of next years return, right?

That is correct. The 1 March 2023 to 29 February 2024 period indicated by government aligns with next year's tax return (so, if you don't do provisional tax returns, your solar installed will form part of the Efiling season starting 1 July 2024).

 

[tonedeff]

That is correct. The 1 March 2023 to 29 February 2024 period indicated by government aligns with next year's tax return (so, if you don't do provisional tax returns, your solar installed will form part of the Efiling season starting 1 July 2024).

Thanks for the clarification!