Tax season is upon us!
Tips from an expert on how to breeze through tax season
Gareth Price, Founder of Cloudworx
Hear ye hear ye! Tax season is upon us!
When tax filing season hits South Africa, many people feel uneasy with many questions… What do they claim? Where are their documents? Are they going to get a tax return? Etc.
Gareth Price, qualified CA(SA) for nearing 10 years, Founder of Cloudworx discusses a few tips to help South Africans breeze through tax filing season, leaving them more prepared and less stressed.
Some of Gareth’s tips include:
Start ASAP – if you are auto-assessed, you have 40 days to dispute the assessment. If you don’t dispute in time you are deemed to have accepted it.
All your documents from institutions should automatically pull through to your tax return – so don’t put it off because you haven’t done your filing yet
Don’t “forget” to declare the income from rental properties or your side hustle – the penalties are not worth it if you get caught
If you want to claim a home office, you’re going to need a floor plan of your house to prove the % allocation
If you’re getting money back from SARS, all it means is that you paid too much tax. So investigate why and plan better – rather have the money in your account than with SARS!
How to handle medical expenses, especially those not covered by your medical aid.
Watch the full interview below…
ENDS
