Navigating Tax Season 2024

Jul 09, 04:00 PM

With SARS announcing the opening of tax season on 15 July, it's crucial to understand the complexities of filing tax returns and how to maximise any tax breaks.

Joining us to unpack this topic is tax expert Andre Bothma and Poobalan Govender, Acting Head of Old Mutual Rewards, who will explain how Old Mutual Rewards members qualify for discounted rates when using digital tax assistant TaxTim.

In this podcast Andre Bothma provides essential insights on who should file a tax return and the importance of timely submissions to avoid penalties. He also clarifies the auto assessment process by SARS and the importance of verifying these assessments to ensure all income and deductions are accurately reported. 

Andre highlights common mistakes people make, such as failing to declare additional income or not keeping a logbook for travel deductions. He also reminds taxpayers of the various deductions available to individuals, such as retirement annuity contributions, travel allowances, and donations to public benefit organisations.

Poobalan Govender introduces the partnership between Old Mutual Rewards and TaxTim, a digital tax assistant designed to simplify the tax filing process. Members of Old Mutual Rewards can access substantial discounts on TaxTim services, making professional tax assistance affordable and accessible. 

Poobalan explains the various membership tiers and the corresponding discounts available. Andre also shares his perspective on when to use a digital service like TaxTim versus seeking personalised assistance from a tax practitioner, especially for complex tax situations or future tax planning. 

Don't leave your tax return to the last minute. Use the resources available, such as TaxTim, to ensure your tax return is accurate and submitted on time. If your tax situation is complex, consider consulting a tax specialist.

This podcast was sponsored by Old Mutual Rewards