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Excited to comb through confusing documents while pulling your hair out?
We didn’t think so…
Our Terrific TTT Twins (trademark pending), Shannon and Tori-Anne Estment, spill the tea on all things “tax season”. They also explain why spending painstaking hours sorting through your documents means WAY more bang for your buck.
You can’t spell twin without WIN
The deadline for third parties to submit your info to SARS has just passed (visit Business Tech to find out more). This info includes “financial institutions, the medical aids, the RAs, the IRP5s, etc.,” says Shannon.
So you can bet SARS will soon be working very hard at pumping out those auto-assessments many of our clients dread. (Wondering what we’re on about? Read here).
Auto assessments “can be problematic due to only having 80 days to do any sort of correction on the return”.–Shannon, Tax Administrator. And the younger twin… by 3 minutes.
And do auto assessments ever require corrections? More often than not, yes.
Twin there, done that
Shannon explains that TTT “got so many referrals in June, July [last year] because people were panicking”. SARS hadn’t included all their (deliciously!) deductible expenses in their auto assessments… things like the “company car, travel allowance, business entertainment [and] commission”, she says.
As Tori reminds us, “You’re dealing with a system.” And a system, no matter how well engineered, makes mistakes. But more importantly, your deductibles (and how much money you can make and save) are NOT top of mind for this system.
Keep your twin up
We helped countless anxious clients make corrections in time last year. And we’ll do it again this year. Better yet? We’ll get taxpayers like you ready and submitted before that auto assessment can even take place.
Because the reality, as Shannon explains, is that “after the 80 days have elapsed … they don’t let us do a correction on the return. We have to do an objection. And the turnaround time for an objection – at any given point, whenever you do an objection – is 60 working days.”
That’s nearly 3 months of worrying about whether your deductibles made it in.
“That’s why we want our clients to start sending the documents now,” says Tori: “We can start prepping their returns so that before the last week of June, all of their returns are somewhat ready. And we can start submitting before the auto assessment – to avoid that month delay.”
(t)Winning at life!
These two tell it like it is:
“People are not good with admin. Which is exactly why we are here… to help make sure that it is all done correctly.”–Shannon Estment, Tax Administrator
Get it done correctly and beat that auto-assessment anxiety; Contact us today!