Before the tax year comes to an end, there are a few things you can do to make the most of your tax benefits. But remember: investment decisions should never be done purely to receive these benefits.
February marks the end of the tax year for South Africans, and there are a number of things you can do to be smarter about your tax. However, please note: I am a taxpayer and not a tax professional. You may want to consult a tax professional around your personal situation. If a tax professional is out of your reach, chat to Sars. I have only ever found them to be very friendly and extremely helpful (even offering pointers on how I could reduce my tax liability).
First up is the contribution to the pension scheme you’re involved in. This could be your employer’s pension or provident scheme and/or a personal retirement annuity (RA). The first 27.5% or R350 000 (whichever is smaller) of your income can be paid into a pension scheme and will be deducted from your taxable income. You can pay in more, but if you exceed these limits, you won’t receive the tax benefit.
This story is from the 7 February 2019 edition of Finweek English.
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This story is from the 7 February 2019 edition of Finweek English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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