Slips – AAARGGH! Slips are a pain! Our wallets get fatter with all the slips and loyalty cards than with actual cash. But this is not the way it should be.
Fact is, you actually have to keep them if you want to be able to claim for the expenses attached to those slips.
A commonly asked question is: Do I need to keep them? Because they end up being blank anyway.
The answer will give you peace of mind about these annoying pieces of paper.
Here it is:
You do have to keep them, but you do not need to keep them as a physical piece of paper. This will change your life.
The process here is as easy as 1, 2, 3 and 4.
- Get the slip
- Easy enough. Pay for something and get a slip
- Convert it into digital format
- Take a photo of it or scan it as pdf (whatever you find easier)
- Store it in a safe place including a backup
- IMPORTANT: capture the proof of payment too! This is critical for medical aid claims.
- Throw the slip away!
- Capture the slip
- This is where the groans start 😉
- This is a breakdown of the slips in a simple spreadsheet
- Your “tax guy” will never be impressed with an email with 154 photos or scans. In fact, he may charge you more.
- The breakdown details needed: Date; Store; Item; Amount; Category (medical, parking, entertainment etc)
The breakdown is all the tax practitioner needs to complete that section of your return.
If SARS requests further details, your tax practitioner will request that information from you. This will be easy for you because you have them all in a safe place.
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