Tax returns don’t have to be overwhelming or intimidating. With small steps that make a big difference, you can take control of your finances practically and confidently.
Let’s face it: paying taxes is a ‘grudge’ transaction, parting with your hard-earned money.
But it’s not optional, so why not learn to breeze through it. Tax season officially kicks off in July, and for many it can feel bewildering. People fall into three categories: the anxious filers, the procrastinators and the forward-thinkers. The difference is preparation.
What does tax filing mean for you?
This is a set period every year when citizens review their income, track expenses and submit their tax returns to the South African Revenue Service (SARS). A tax return should accurately outline your full financial picture for the previous year – what you earned, your assets and investments, and expenses you can claim back on. Staying compliant avoids penalties and helps you maintain a healthy financial record. Note that anyone under 65 who earns less than R95 750 a year is exempt from paying tax.
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3 practical ways for a stress-free tax submission
Filing your taxes seems like just another burden to add to an already busy life. But don’t wait until the last minute. There are ways you can stay one step ahead.
Track tax deductions as they happen
A stress-free tax season is about small, consistent habits that save you time and hassle later. If you wait until tax season, you’re likely to forget about all your financial transactions of the past year. Keep a record (and receipts) of all your income and claimable expenses (see ‘It’s the little things’, right).
Create a dedicated folder for your tax documents
This might sound basic but it makes the world of difference during tax season, keeping all relevant documents in one place. “The golden rule is that if you can’t prove it, you can’t claim it. Financial records are crucial when doing your taxes,” says financial administrator Nelisa Shabalala. From bank statements and medical expenses to receipts and travel logbooks, you’ll know exactly where to look and are less likely to forget important info. Missing documents can complicate your submission, cause you to miss out on a rebate and lead to delays and penalties.
Speak to an expert
“Doing your taxes can be complicated, and I’d advise anyone to consult a tax practitioner, especially if you have multiple income streams or are a freelancer, to keep track of different exemptions,” says Nelisa. It will save you time, mental energy and stress. If you’re uncertain about deductions or struggling to get it all done on your own within the deadline, speaking to a professional is the way to go. It’s a small price to pay for being compliant, avoiding penalties and possibly even getting a rebate.
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It’s the little things
A lack of awareness is the biggest reason people miss out on tax deductions. Taxes are not something generally spoken about – as Nelisa says: “You just come across it one day in adulthood and you’re expected to file your taxes like a pro!” Because people often feel overwhelmed filing a tax return, they under-claim or don’t claim at all. It’s easy to overlook costs that you don’t realise qualify. The quiet costs of doing your job add up over time; they’re often small expenses that don’t feel significant in the moment.
Home-office costs: From small things like stationery to your desk and chair, electricity bill, internet, phone, rates and rent – all count.
Wear and tear: If you use your personal cellphone or laptop (a lot) for work, you can claim for this.
Travel-related expenses: If you use your personal vehicle for work purposes (not just getting to/from work), you can claim part of the costs.
Retirement savings are tax deductible, as are donations to charity.
It’s all about complying and filing, doublechecking figures and knowing what’s allowed. The truth is that tax does not have to be stressful. Every deduction and opportunity to claim is a chance to be smart and strategic about your money.
Words: Mbali Zangqa
Photos: Pexels
Text Courtesy of Jet Club Magazine
