Your “New Year’s Resolutions” list?

  1. Lose weight

  2. Get a 6-pack

  3. Get your tax and accounting in tip-top shape!

Here are 6 “must-knows” about tax and accounting that need to be added to your New Year’s Resolutions.

If you’re a provisional taxpayer, your first return deadline is around the corner (end of January). And by the end of February, you’ll need to make your first payment to SARS.

If you’re a non-provisional taxpayer, your deadline is in October.

Either way, collecting the following documents can make or break your 2023 tax experience:

  1. Home office expenses. Keep any supporting proof of what you’ve spent, from the rent or bond repayments to repairs on the premises to your Wi-Fi – and, yes, even on that filing system you’re implementing this year! The list of deductible expenses is loooong and our teams know how to find all the hidden gems.
  2. Your medical aid certificate. Also keep proof of any medical expenses that happen outside of SA.
  3. Keep a list of all unclaimed medical expenses not mentioned on your medical aid tax certificate. Keep the receipts too because SARS may want these.
  4. If you contribute to an RA, pension or provident fund, you’ll need the tax certificates from these.
  5. Travel allowance logbook – along with those slips for petrol, maintenance, parking, insurance and licenses!
  6. Certificates received for local interest income, foreign interest income and foreign dividend income

Knowing whether you qualify – and for what – can be daunting. That’s where having your own personal (and personalised) tax consultant comes in handy. We love sorting through your expenses and figuring out how to make SARS work for you!

Contact us today and find out how our team can help you.

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