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13/10/2023

South Africans are experts at planning their daily lives around schedules.

We know when to charge our phones and laptops, when to do our laundry, and when to cook our meals.

We've also become adept at finding alternative sources of entertainment and lighting when the power goes out.

But do you apply the same level of planning when it comes to your ?

Here are 3 tips for planning your retirement:

✅Start early. The earlier you start planning, the more time your money has to grow.

✅Set goals. What do you want your retirement to look like? Once you know what you want, you can start making a plan to achieve it.

✅Get professional help. A financial advisor can help you create a retirement plan that's tailored to your individual needs.

Retirement planning can seem daunting, but it doesn't have to be.

07/07/2023

Attention all South African taxpayers! 🇿🇦

I want to share important updates regarding SARS tax returns and the introduction of auto assessments. It's essential to stay informed and make the most of these changes for a smooth tax filing experience.

1️⃣ Auto assessments: Simplifying tax returns
Auto assessments has been introduced by SARS, where they use information from employers, financial institutions, and other sources to automatically assess your tax obligations. It’s purpose is to saves you time and effort by eliminating the need for manual data entry. Plus, it minimizes errors as assessments are based on verified information.

2️⃣ How will you know if you're auto assessed?
SARS will notify you via SMS or email if you're eligible for an auto assessment. Keep an eye on your notifications, as this will guide you to log into your eFiling profile and review the assessment. It's crucial to stay proactive and ensure the accuracy of your tax information at all times.

3️⃣ Always consult your accountant or tax practitioner
While auto assessments can streamline the process, it's essential to consult your trusted accountant or tax professional. They can provide valuable insights, review your assessment, and offer guidance on the accuracy of the auto assessment and submit any necessary changes on your behalf.

4️⃣ Understanding return amounts: Pay or refund
When reviewing your tax assessment, pay attention to the return amount. A positive amount indicates that you owe SARS, and payment is required.

Conversely, a negative amount means SARS owes you, and you're entitled to a tax refund.

5️⃣ What if you have been refunded already?
If you have been auto assessed and SARS has already paid you a refund, you should still consult your accountant to determine if the assessment was accurate. If the figures are incorrect your accountant will be able to lodge a dispute with SARS for the correct refund amount.

6️⃣ Use Refunds Wisely
If you're fortunate enough to receive a tax refund, remember to use it wisely! Consider your financial goals, such as paying off debts, investing, or saving for the future. Use this opportunity to enhance your financial well-being and make informed decisions that align with your long-term objectives.

25/12/2020