Tax returns – everything you need to know and retrenchment

Tax returns – everything you need to know

A lot of clients have asked for information regarding their tax returns for 2019/2020 tax year, so who better to ask than our resident tax specialist Ben Marais from BWM Consult.

  1. When does tax filing season open for individuals?
  • You will get the opportunity to file your tax return from 1 September if it applies to you.
  1. Who needs to submit their tax returns?
  • Only taxpayers that don’t agree with the automatic assessment issued by SARS during the period 1 July 2020 to 31 August 2020.
  • During the last few years, SARS geared up to get all your tax information from 3red parties, like employers, medical aids and banks, directly.
  • Information like your travel logbook is information SARS can only get from the taxpayer himself, if you need to provide information like this, you will need to submit your tax return and declare this information.
  1. Any specific tips you can suggest for filing your returns?
  • Let a tax expert review your automatic assessment from SARS to get peace of mind that SARS has indeed assessed you correctly.
  • File your tax return and declare additional information, like travelling KMs and side hustle, to SARS if you don’t agree to the automatic assessment SARS sent to you.
  1. What is the most common thing people can claim, but usually don’t?
  • Out of pocket medication, travelling expenses and retirement annuities. Remember for retirement annuities, anyone should claim, even if your income per year is below the R350 000 threshold.
  1. What is the most common delay in returns that you experience that can be easily prevented by clients?
  • Make sure that you have all your supporting documents ready before you submit your tax return, there is a 90% chance that SARS will ask for these documents. Also, make sure that you submit supporting documents as soon as possible if it is required.

Please contact Ben on or 082 771 4619.

Remember, if you are worried about your company or work, there is a retrenchment benefit that could give you a bit more peace of mind during these uncertain times. Download the brochure here for more info.