Welcome to the second episode of the second season of the Santam Insure Your Future Money Bootcamp, where I tackle various financial topics together with my co-host, Mapalo Makhu.

As we dive into July, many of us feel the familiar pang of anxiety that accompanies tax season. So in this episode, we tackle the ins and outs of tax filing, together with tax expert Andre Bothma.

One of the key topics we discuss is the auto assessments that SARS started rolling out in 2019. If you’re a salaried employee, you may receive an auto assessment, where your tax return is pre-populated with all of your tax data.

However, Andre points out that you shouldn’t blindly trust the auto assessment. You must  double-check everything that SARS has automatically filled in, as mistakes can lead to missed deductions or incorrect refunds.

If you are a student or freelancer, it’s important to file a return, even if your income is small. Many young people, especially those working in creative fields or part-time jobs, may not realise that they have to file a return, particularly if tax has been deducted from their earnings. Filing a return can lead to a refund, making it a crucial step in managing your finances.

We also discuss provisional tax, which applies to those earning income without pay-as-you-earn deductions, such as freelancers, or those earning rental income.

Andre emphasises the importance of being aware of deadlines and the potential penalties for late submissions, which can add unnecessary stress to an already daunting process.

We delve into the various deductions available to individuals, from retirement annuities to business expenses. Understanding what you can claim is vital in reducing your taxable income and ensuring compliance with tax laws.

As we wrap up the episode, Andre provides practical advice on engaging with SARS and familiarising yourself with the e-filing system. He reassures listeners that while tax season can be intimidating, with the right knowledge and support, it can become a manageable task.