Tributum Newsletter #40

Midway through the calendar year! I can’t believe it either. It seems like yesterday…

During the month I was asked by one of the readers whether I write these newsletters myself. He clearly heard me butcher the Queens language in my Afrikaans accent before, so it was quite a confidence boost that he thought I receive professional help in putting finger to keyboard.

I am still waiting for the video showing Oom Cyril and his millions of dollars. For once I wish that when someone says they have a video they actually back it up and show the video. Like Kim’s tape. She made a comeback after that, maybe the President can as well. Anyone get the wordplay there? Cunning linguist when I need to be…

On a more serious note, the heat is on Oom Cyril leading up the ANC’s national conference mid-December and video or not, it will be interesting how he responds and how his chances for re-election are influenced by it all. It’s not just interesting, its critical. I am not suggesting he is innocent (is there such a politician?) or has the best track record but there are surely many worse candidates that should at least be stopped from getting the top job. It’s not always about what you want, its often more about what you absolutely do not want.

Tax filing season opens on 1 July. For non-provisional taxpayers tax returns should be filed by 24 October 2022 and for provisional taxpayers by 23 January 2023. SARS will again issue auto-assessments for individual taxpayers based on information that it gathered from third parties (employers, banks, retirement funds, medical aids etc.). The issue here is that if you do not agree with your auto assessment you have 40 business within which to file your tax return showing the information that you think SARS should assess you on.

Now, if you get your incorrect auto-assessment on 11 July as example, your 40 business days to file the tax return to correct the error is 5 September. That is earlier than the filing deadline date of 24 October so taxpayers should be wary of their auto assessments, review it for correctness and ensure they meet the deadlines if they do not agree.

With expectations of continued inflation, fuel price hikes, infrastructure failures and more it seems that we are in for taxing times ahead.  But as Winston Churchill said “If you are going through hell, keep going.” Stopping is not an option. Changing direction maybe, but at least keep going. And to do that, keep breathing. Till next time.