Be prepared for tax season this year with these top tips.

Tax season is upon us and every tax payer needs to be prepared. Filing a tax return can be a daunting task but, with the correct information and support, it doesn’t have to be. Up front, we’d say that if you earn an income and have a financial portfolio, you need to work with a reputable independent financial adviser to help you manage your finances and deal with concerns such as tax.

Whether you have (or need) an adviser, are looking for a new one, or are still managing your own finances, we have some handy tips can help you get ready for tax season this year.

Tax tips you need to know (and discuss with your adviser)

1. Know what you have to pay and why

SARS offers widely available information about the different tax brackets and requirements. Start with knowing how much you have to pay, when, and what for.

2. Get your documents in order

Gather together all the required documents before completing your return. These might include your IRP5 tax certificate, tax certificates from your medical aid and/or retirement annuity fund, as well as receipts of medical expenses not covered by medical aid, and, if necessary, your travel logbook for your car.

3. Don’t forget passive income

While it is easy enough to remember your salary when it comes to your tax return, you need to consider all forms of income you’ve received. This includes passive income such as interest, dividends, or capital gains. Get tax certificates (IT3b and IT3c) from the relevant investment houses so you can declare the income on your return.

4. Choose a submission method that works for you

eFiling has made submitting your tax return quick and simple. If you prefer, you can also submit it manually at a SARS branch.

5. Don’t miss your submission deadline

Missing the deadline could result in you having to pay non-submission penalties for each month the return is outstanding.

6. Get professional help

A tax expert, accountant, or financial adviser (or a member of their team) can help you complete your tax return in full and error-free, walking you through each step of the process so that it’s clear what you are doing and why. It goes without saying that honesty is always the best policy so make sure you work with a support team that believes in doing the right thing at all times.

7. When you file your return, be sure to check that the information on your return form is correct

You can fix any information that is incorrect by providing SARS with the relevant documentation.

Any financial process takes time and education. Work with us and we will put in place and manage a financial plan that makes sure your wealth is secure and growing, today and into the future.

Do you need to speak to an expert about your finances? From insurance to investment management, we can help!