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Listen: Navigating tax season 2024

by | Jul 10, 2024

SARS has announced that tax season 2024 will open on 15 July. In order to ensure a smooth (and possibly rewarding) tax-filing process, it’s crucial to understand the complexities of your tax return and how to maximise any tax breaks that you may qualify for.

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

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 auto-assessments to ensure all income and deductions are accurately reported.

Andre highlights common mistakes people make when completing their tax return, such as failing to declare additional income or not keeping a logbook for travel deductions.

He also reminds taxpayers of the various deductions that are 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 for everyone.

Poobalan explains the various membership tiers and the corresponding discounts available. Andre also shares his perspective on when it’s appropriate to use a digital service like TaxTim as opposed to seeking personalised assistance from a professional tax practitioner, especially when your tax circumstances are complex, or for future tax planning.

Tax season 2024 doesn’t have to be stressful. Start the process early, and use the available resources, such as TaxTim, to ensure your tax return is accurate and that you submit  it on time. And if your tax situation is complex, consider consulting a tax specialist.

This podcast was sponsored by Old Mutual Rewards.


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Maya Fisher-French author of Money Questions Answered

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