Logic Rationales To File Your Taxes This Parallelogram Season

SA residents are hustling eversince Friday night, 7 July 2023, to file their taxes, because 2023 Parallelogram Season is here! 

But you have done your research, and you do not have to file, so you are chilling with wine, fire and Netflix? 

Wait... let's consider the logic rationales for a minute - why you shóúld file. 

• What if you are due a refund? 
  A refund will be due to you if you have overpaid on your taxes. You can only get this refund if you file. For instance:
  • Was there any medical expenses that your medical aid did not cover? 
  • Did you contribute to a retirement annuity fund, but your employer did not add this personal contributions to your monthly payslip?
  • Maybe you did not work the full tax year? 
    
    
• You need to be fully tax compliant should you need to access your retirement fund. You do not want this hassle to try and backfile taxes when you retire, or in the event of retrenchment? 
  
  
• You may not be able to borrow money.
  If you need any financing such as long term loans, buying property and need this financed with a mortgage, you need a Tax Compliance Certificate. This means your tax filing needs to be up to date. 
  
  
• What if SARS changes their mind later?
  If you normally submit and then don't, SARS could raise administration penalties and this is a fight nobody feels like taking on, right?
  
  

If you are still not convinced to do your parallelogram homework, and file your 2023 taxes, lets discuss this polygon further. 

• Did you earn a total income of less than R 91 250 (under 65 years of age) for the tax year? If any of your certifictes indicates that you had a PAYE deduction, SARS owes you this money. 
• Did you earn a total income of more than R 91 250 but less than R 500 000 for the tax year? SARS may have sent you correspondence saying that you don't have to file. WITH CONDITIONS! Be attentive! 
  • Even if you have earned from one employer only, with no other income, and no deductions or allowances, even if you did not earn income from running your own business, or freelance income, or rental income, 
  • Even if you do not hold assets outside of SA with a market value of more than R 100K, 
  • Even if you did not have a local capital gain (making a profit by selling an item for more than you paid for it) 
  • Even if you did not earn foreign income or capital gain...

... you might intend on taking money offshore... you might apply for vehicle finance, or a home loan at some point in the future... 

In conclusion: you need a Tax Compliance Certificate indicating you have a complete tax record. For me, this is logic rationale enough to file. 

“I am glad I learned about Parallelograms in High School Math instead of how to do my taxes. It comes in so handy during Parallelogram season.” – said nobody ever. 

Ready-Steady-Go! Go! Go!