Can you believe it? Tax season is officially upon us! While the thought of taxes might not exactly fill you with glee, here at Leading Edge, we believe getting your financial ducks in a row can be surprisingly satisfying. And with a little preparation, you can glide through tax season with ease.
Don’t Let Outdated Bank Details Delay Your Refund!
First things first, let’s talk about your banking details. SARS is cracking down on fraud, which means it’s more important than ever to ensure your bank information is 100% accurate on your eFiling profile. Imagine waiting patiently for your hard earned refund, only to find it’s been delayed because of an old account number!
If you’ve recently changed banks, or if it’s been a while since you’ve checked, now’s the perfect time to log in and verify your details. This simple step can save you a world of frustration and ensure your refund lands safely in your account. You can find guides on how to update your banking details on the SARS website.
Tax Season Kicks Off – Here’s What You Need to Know!
The 2025 tax filing season officially opened on Monday, July 21st, for all taxpayers. For those of you who earn a salary only, and auto-assessed taxpayers, you have until October 20th to get your return in. Our advice? Don’t procrastinate! Filing sooner rather than later gives you peace of mind and allows you to address any potential queries without last-minute stress.
Get Your Ducks in a Row: Essential Documents to Prepare
To make your tax season as smooth as possible, start gathering these documents now:
- IRP5/IT3(a) Certificates: From your employer(s).
- IT3(b) & IT3(c) Certificates: For local and foreign interest income, dividends, and other investment returns.
- Medical Aid Tax Certificates: Proof of contributions and out-of-pocket medical expenses.
- Retirement Annuity Fund Certificates: Proof of contributions made.
- Travel Logbook: If you receive a travel allowance or use a company car for business.
- Income Statement: For sole props, freelancers, or rental income and expenses.
- Donation Certificates (Section 18A): For donations to approved charities.
- Any other income or deduction documentation: Proof for things like home office expenses, capital gains/losses, or other allowable deductions.
Having these documents ready will make the filing process a breeze, whether you’re tackling it yourself or working with a professional.
Haven’t Got a SARS eFiling Profile Yet?
If you’re new to the eFiling game, now’s the time to register for your SARS eFiling profile. It’s a crucial step to manage your taxes online and ensure you’re ready to file when the time comes.
At Leading Edge, we’re all about helping you navigate the complexities of finance with confidence and a smile. Getting your taxes in order is a big step towards financial well-being, and we’re here to support you every step of the way! We provide tailored accounting solutions, so contact us today to discuss how we can support your financial success.
