Tax return submitted? Now it’s time to schedule a financial check-in

By Thinus Marais, Financial Adviser at Momentum Financial Planning

The end of tax season brings a collective sigh of relief. You’ve completed all the necessary forms, hit ‘submit’, and either cheered a refund or grumbled at a payment. Although this marks the finish line of their annual financial duties in most people’s opinion, in reality it should be the starting point for the most important financial exercise of the year.

Taxes force us to assess our money situation, but they only provide a retrospective view. The real, strategic value lies in interpreting what those numbers mean for your future. The end of tax season is the perfect prompt to schedule a full financial reality check with your financial adviser, a necessary step to ensure you turn compliance into long-term wealth.

Tax filing is a tactical exercise; it checks the box for SARS. Financial planning, however, is strategic. When you rush through tax season, you often overlook critical, long-term decisions that can cost you far more than a missed deduction. These include:

1. Insurance gaps and salary shifts: Did your income change over the last year? Perhaps you received a promotion, started a side hustle, or switched jobs. Your tax forms clearly show the new income, but did you adjust your protection? The mistake many people make is failing to update their life and disability cover. If your income has increased by R20,000 a month since your last review, your current cover may be dangerously inadequate. A major life event would leave your family receiving a payout that reflects your old, lower income, completely derailing their financial security. Your adviser will use your latest tax data as proof of new income to ensure your cover matches your actual lifestyle.

2. The retirement contribution miss: Tax season often leads to a last-minute scramble to maximise retirement annuity (RA) contributions to secure a deduction. This rush often misses the bigger picture, including whether your contributions are properly structured. Are you maximising the tax-free growth benefits? An adviser will help you analyse your annual income and optimise your contributions early in the new tax year, ensuring you hit the maximum possible tax deduction strategically, rather than just nervously making a lump sum payment on the deadline.

3. The forgotten beneficiary: A life change – marriage, divorce, a new child – is central to your tax status. Yet, these events are often ignored in the context of your broader estate. Forgetting to update beneficiary nominations on your retirement funds, life policies, or even your will is a common mistake. Tax data reminds you of life’s changes, but only a full review with your adviser will confirm that the right people will receive your assets should the unexpected occur. An outdated beneficiary nomination can lead to legal battles and delay essential funds for your loved ones.

More than calculating returns, the core value of your financial adviser lies in providing clarity and direction. This concept is central to Momentum’s Science of Success, which unpacks the vital role advisers play in helping South Africans turn financial goals into lasting security.

Tax time is a necessary process, but a financial check-in with your financial adviser is a strategic opportunity. You’ve done the hard work of organising your numbers. Now, let your adviser provide the 360-degree view that prevents costly mistakes and ensures your hard-earned money is perfectly aligned with your personal goals.

Don’t let that post-tax relief turn into long-term regret. Contact your financial adviser to schedule your post-tax-season focus session.