(… Or maybe you’re wondering what we’re talking about?)
A lot of surprised people recently received a tax refund from SARS – before having even submitting their tax return! This is because SARS went from introducing auto assessments last year to taking it one step further this year and sending automated pay-outs.
Or (enter Jaws theme music) deducting amounts directly from people’s accounts.
On paper, the system seems great. Fast, efficient and easier for the taxpayer.
But is it? That depends on whether you have your very own dedicated tax (s)hero to make sure your a** is covered. And, more importantly, to make sure you’re getting all you deserve.
“It’s not a party until…”
How would you complete that sentence? Our version? “It’s not a party until the taxman pays you your dues.”
Let’s get into it: What are third party payments and why do they matter?
According to SARS, it’s auto assessing taxpayers “who receive salaried income and have deductions like retirement annuity [RA] – as well as medical aid contributions”.
RAs and medical aids are examples of third parties. And SARS is using this “3rd party data” to do your tax return for you.
We-ell, it can be. But what if SARS doesn’t pick up on your side-hustle RA? What if it doesn’t see that you donate to charity causes? Or that your recent hospital fees weren’t covered by your medical aid and so they’re eligible for tax deduction?
SARS may not know that you work from home and usually claim on home office expenses, like that gorg delicious monster in the background during your Wednesday catch-up Zoom call.
Don’t crash that party, crush it!
When we asked Roscoe how SARS’s new system is affecting us at TTT, he said, “At the moment, it’s just bringing in more business.”
But he also says that so far, the implementation has been “completely random” and that guys “with investments all over the place are getting auto assessed.”
Why does that matter? Because a lot of these third parties – whether they are RAs, investments or charities – are tax-deductible. And can easily be missed by SARS. Meaning big-time losses for you.
Roscoe says he’s had clients “who used to receive R50 000 [and] now they’re receiving 5 grand”. And they’re wondering why… No kidding!
So now what?
“Even though you’ve been auto assessed, we need to do all the necessary calculations to get you more back,” Roscoe explains.
“IIIIII’m comin’ up – so you better get this party started.”
The team at TTT have proven time and time again to its 15 000 existing clients (and the +1 000 clients it recently welcomed to the family) that having a dedicated tax professional just makes cents.
But with SARS’s new auto assessment and auto payment plan, this point is being proven once again.
“If there’s money due to you, why wouldn’t you do your taxes?” asks Roscoe Dekker.
But here’s the thing: you may not know you have money due to you. That’s where one of our TTT consultants comes in. Their job is to figure that part out. And to deal with the taxman when he says, “Sorry, that objection was faulty. We rejected it.” Instead of your party being pooped on, our team takes on the taxman for you. Party on!
“We’re not just a one-night stand kind of service,” Roscoe reminds us, “We know what we’re talking about.”
Party like a rockstar and get that tax refund you deserve: https://ttt-tax.co.za/
P.S. Know someone whose auto assessment outcome was less than desirable? Share this article and help a brother out.