Every year, thousands of South Africans breathe a sigh of relief after finally submitting their tax returns to the South African Revenue Service (SARS). After weeks of gathering documents, checking receipts, and crunching numbers, hitting that “Submit” button feels like the finish line. But according to financial experts, it’s actually just the beginning of a smarter financial journey.
So, what really happens after you submit your tax return — and what should you be doing next? Let’s unpack what comes after tax season and how you can turn compliance into opportunity.
Wait for SARS to Process Your Return
Once your return has been submitted, SARS will process it and issue a Notice of Assessment (ITA34) — a document showing whether you owe SARS money or are due for a refund.
Here’s what happens next:
- Turnaround time: SARS usually processes returns within 72 hours, although complex cases may take longer.
- Refunds: If you are due a refund, it can take up to 21 business days to reflect in your bank account once your assessment is finalised.
- Verification or audit: Sometimes, SARS selects returns for verification or audit. This doesn’t necessarily mean you did anything wrong — it’s simply part of SARS’s compliance process. If this happens, you’ll need to submit supporting documents like IRP5s, medical aid certificates, or proof of deductions.
Tip: Always make sure your banking details and contact information are up to date on your SARS eFiling profile. Incorrect details can delay your refund.
Use Your Tax Return as a Financial Health Check
According to Thinus Marais, financial adviser at Momentum Financial Planning, submitting your tax return isn’t just about compliance — it’s an opportunity to take a closer look at your financial health.
“Tax returns force us to assess our money situation, but they only provide a retrospective view. The real value lies in interpreting what those numbers mean for your future,” Marais explains.
Once you’ve completed your return, it’s the perfect time to sit down with a financial adviser and discuss how your financial situation has changed — and what adjustments you may need to make going forward.
Review Your Income and Insurance Cover
Did your income change over the past tax year? Maybe you got a promotion, started a side hustle, or switched jobs. These income shifts should also reflect in your insurance and protection policies.
Marais warns that many South Africans forget to update their life and disability cover after an income increase.
“If your income increased by R20,000 per month but your insurance hasn’t been updated, your family could be left underinsured if something happens to you,” he says.
Your financial adviser can use your latest SARS data as proof of income to help adjust your cover so that it matches your current lifestyle and earnings.
Reassess Your Retirement Contributions
Tax season often highlights whether you’ve contributed enough to your retirement annuity (RA) or pension fund. Many taxpayers make last-minute top-ups to maximise their tax deductions before the deadline — but this approach isn’t always strategic.
Marais recommends taking a long-term view:
“An adviser can help you plan contributions early in the new tax year to maximise your tax-free growth and ensure you reach the allowable deduction limit without the last-minute panic.”
This kind of forward planning helps you:
- Take full advantage of SARS’s retirement contribution deductions, and
- Build wealth more efficiently through consistent, tax-efficient savings.
Update Your Beneficiaries
Life changes fast — and your tax return can serve as a reminder to update important personal details. Whether you’ve recently married, had a child, or bought property, these milestones affect your estate planning.
Marais warns that forgetting to update your beneficiaries on policies and retirement funds is a common mistake that can lead to legal complications later.
“An outdated beneficiary nomination can delay payouts and cause unnecessary stress for your loved ones,” he says.
Make sure your life insurance, will, and retirement funds all reflect your current family situation and wishes.
Check Your Credit and Debt Health
Once tax season ends, it’s also a good time to take stock of your credit and debt profile. You can check your credit report for free once a year with major bureaus like TransUnion, Experian, or XDS.
Look for:
- Missed or incorrect listings
- High credit utilisation (using too much of your available credit)
- Debt that’s impacting your score
By catching issues early, you can improve your financial standing before applying for major purchases or loans.
Plan for the New Tax Year
The new financial year is the best time to get organised — not when the next tax deadline looms. Here’s how to stay ahead:
- Keep a tax folder: Store all payslips, medical aid statements, and receipts in one place throughout the year.
- Track expenses monthly: Especially if you claim for work-related travel, home office deductions, or freelance income.
- Adjust your budget: If your tax return shows you owed money, consider adjusting your PAYE or provisional payments to avoid surprises next year.
- Review your investment portfolio: Use your tax summary to evaluate whether you’re investing in the most tax-efficient way.
Schedule a Financial Review
Marais believes that submitting your tax return should trigger a broader financial review:
“Tax filing is tactical — it checks a compliance box. But financial planning is strategic. A review with your adviser turns your tax numbers into a roadmap for future growth.”
This review can include:
- Assessing your insurance coverage
- Reviewing debt and savings goals
- Planning for major life events (like buying a house or starting a family)
- Aligning your financial goals with your current income and lifestyle
Also check: SARS Targets Social Media Influencers in Tax Crackdown
Submitting your tax return to SARS might feel like the end of the process, but it’s actually the start of a new financial year — and an opportunity to take control of your money.
Instead of closing the SARS tab and forgetting about finances until next July, use your return as a financial mirror. It shows where you’ve been, but more importantly, it helps you plan where you’re going.
With the help of a qualified financial adviser, you can ensure your income, insurance, investments, and estate plan all work together — setting you up for long-term financial stability and peace of mind.
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