29 February 2024 marks the end of the 2024 tax year. Please take note of the following important deadlines:

Subsistence and travel claims:

• Subsistence claims received, processed and paid out on or before 14 February 2024 will be included in the 2024 tax year for tax assessment purposes.
• Travel claims received, processed and paid out on or before 14 February 2024 will be included in the 2024 tax year for tax assessment purposes.
• Subsistence and travel claims received, processed, and paid after these dates will be included in the 2025 tax year and taxed at the 2025 tax year rates as applicable.

Claims:

• Claims for services rendered which are processed and approved in the payroll on or before 10 February 2024 will be included in the 2024 tax year for tax assessment purposes.
• Claims for services rendered which are processed and approved in the payroll after 10 February 2024 will be included in the 2025 tax year and taxed at the 2025 tax year rates where applicable. 

Overtime:

• All overtime payments must be approved by close of business on 10 February 2024 for payment in February 2024 and inclusion in the 2024 tax year.
• Overtime payments approved after 10 February 2024 will be paid in March 2024 and included in the 2025 tax year.

To ensure the accuracy of your 2024 tax, kindly ensure that the above transactions are submitted in time to meet the abovementioned deadline dates.

If you have any questions, kindly discuss them with your Faculty Accountant.