How to get a tax refund in 2021 – and every year thereafter

Hopefully, there is some money you can claim from the South African Revenue Service (Sars).

Picture: 123rf.com

JOHANNESBURG - Tax season is coming!

From 1 July, South African taxpayers can submit their tax returns for the year ending on 28 February 2021.

Hopefully, there is some money you can claim from the South African Revenue Service (Sars).

CapeTalk's Africa Melane interviewed Michael Rossouw, a senior investment consultant at 10X Investments.

Rossouw spoke about why you should submit a return and what you could expect back.

"You can contribute towards retirement savings and claim back a tax return. The wealthy people I know don’t pay more tax than they should.

"If you earn, say, R25,000 a month, and contributed R5,000 to an RA [retirement annuity]. Instead of getting taxed on R25,000, you get taxed on R20,000. The tax you’re saving, you can claim back."

Listen to the audio below for more.

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