NDA cautions public against over-reliance on anticipated SARS refunds
A refund is simply the result of a tax reconciliation process, and that outcome can change depending on a person’s final taxable income, deductions.
The organisation warns that so-called “refund-anticipation borrowing” carries significant risks, particularly where factors such as withdrawals under the two-pot retirement system, outstanding penalties or SARS verification processes may reduce or delay final payouts.
National Debt Advisors (NDA) says financially distressed middle-to-high income earners are increasingly taking out short-term credit in anticipation of expected tax refunds that are not guaranteed.
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