Instead, see your tax refund for what it is: your money being returned to you. Your tax refund is not "extra" cash; it was yours all along - and like the rest of your hard-earned money, it should help you build future security. Before you start mentally spending your tax refund, pause and ask yourself four questions: What is the most expensive money on my balance sheet? Since those contributions are tax deductible, SARS refunds a portion based on your marginal tax rate. Think of it as a waterfall: your retirement annuity generates the tax refund.