1 March 2020 marks the beginning of the 2021 Tax Year, which runs from 1 March 2020 to 28 February 2021
It's time to start afresh
Close off the 2020 tax year by finding all relevant receipts and slips in your handbag, cubby hole or laptop bag for expenses from 1 March 2019 up to 28 February 2020, and filing them away with the rest of the documents like your IRP5 and Medical Certificates that are essential for your tax return due the 1 September 2020. Create a new file for 2021, physical or electronic (yes, a labelled shoe-box counts) to store your deductible receipts and tax certificates from today onward.
If you receive a travel or car allowance, keep a logbook for tax purposes, remember to record your odometer reading for your starting kilometers for the year. See the SARS logbook that is downloadable on their website. And if you are tired of keeping those pesky slips, we are in the process of acquiring a software application which allows you to take a snap shot of any document which is then uploaded to our software for automatic processing and digitised document storage. More to be revealed in due time.
Here's to a Happy New Year