Get Ahead Tax Season: Essential Preparation Guide for Faster Refunds

I am reaching out early to ensure you're fully prepared for the upcoming tax season. Once it opens, you’ll be ready to submit your tax return and potentially receive your refund sooner. Why wait?

What do you need to get ready?

You will need:

• Necessary documentation for submission.
• To address any administrative issues.
• Information on auto-assessments.
• Knowledge of basic deductions you can utilize.

Documentation:

The responsibility for proving entries on a tax return lies with the taxpayer. It's crucial to compile documents throughout the year as you receive them. If you haven't started, now's the time to gather:

• IRP5s issued by your employer. If not received, request them politely.
• Medical aid and retirement annuity tax certificates are typically available via provider apps.
• Profit and loss statements if you run a business or are a sole proprietor.
• Details of rental income and expenses.
• Invoices supporting business and rental expenses.
• Home office expense details and corresponding invoices.
• Investment certificates for interest, dividends, and capital gains.
• Section 18A certificates for any donations made.
• Travel logbook for business travel claims.
• Details of non-personal use assets sold during the tax year.
• Any additional documents supporting your tax return.

Admin Issues:

Ensure your eFiling login details are handy and functional.

Verify and update your bank details with SARS to avoid delays in receiving refunds.

Auto-Assessments:

SARS may issue an auto-assessment using data from third parties like medical aids or retirement funds. If you agree with the assessment, no action is needed. If you disagree, you have 40 working days to file a correction. If you miss the deadline, you can request an extension within 21 additional working days.

Basic Deductions You Can Claim:

Understand the deductions available to legally reduce your tax liability, such as:

• Medical aid tax credits.
• Retirement annuity contributions.
• Donations.
• Home office expenses.
• Tax-free savings.
• Foreign income exemption.
• Interest exemption.
• Travel expenses.
• Wear and tear.
• Business expenses.
• Capital gains exclusion.

I am eager to assist you with your tax affairs, including tax return submission, interpreting assessments, and objections to issued assessments. Feel free to reach out for any help or information.