How to relax about tax
While we don’t yet know the date for personal tax submissions, it’s better to get your affairs in order now rather than wait for the last minute dash later in the year. Here are our suggestions for beating the tax blues.
Did you know that the tax yearend was 28 February? 1 March – 28 February is the cycle that SARS works on when assessing your personal tax.
While we don’t yet know the date for personal tax submissions, it’s better to get your affairs in order now rather than wait for the last minute dash later in the year.
Here are our suggestions for beating the tax blues.
- Start a plastic pocket or file for things like your IRp5 and any other important papers such as tax certificates and invoices. Every time a tax-related piece of paper arrives, put it in the pocket.
- Start a separate pocket for receipts. Every time you pay for something and want to keep the receipt in support of your submission, note the name or event so when you come to claim you can remember the details, and put it straight in your receipt pocket when you get home. If you want to be really organised, keep a separate pocket for each month!
- Start a spreadsheet for everything else. A spreadsheet is the easiest way to organise and manage your finances and budget since it is always accurate and it will make all calculations for you. And with a spreadsheet you can keep track of every one of your hard-earned cents. That’s how people get rich!
You need to be clear on what you can include in your tax returns. It’s not the same for everybody but here’s a simple checklist of the most common things you need for tax returns. Add anything we may have left out, delete anything that doesn’t apply to you, and keep it handy to simplify your life going forward.
- Investment tax certificates including retirement annuities and other pension plans
- Medical aid and hospital plan tax certificates
- Medical expenses
- Statements regarding properties you rent out
- Municipal bills like rates and taxes, water, etc. that relate to your rental properties
- Claimable business expenses
Being prepared allows you to file your tax return promptly that means that you’ll get any rebates quickly, so make sure you don’t miss out.