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Thanks to Finance Minister Tito Mboweni’s decision around personal income tax, saving money just got a little easier. A little, right?
They say that nothing is certain in life, but death and taxes. So, there’s no reason why you can’t get savvier with your tax returns to save a little more money where it’s needed. Fact is, the economy remains on its knees and it will take a concerted effort to continue to provide for our families and to thrive financially.
Creating a long-term plan of action for your taxes is how to create real savings. And, to set yourself up to be in the best tax position for next year, it’s best to start right away. Don’t allow yourself to be stuck in a tax rut doing the same things you’ve always done; re-evaluate and make 2021 your best tax year yet.
Remember, although you don’t have to file a tax return if you earn less than R350 000 per year from a single source of income - and have no allowances - you may still choose to file if you believe there are deductions to claim.
We have a few ideas on how to bring down your tax burden by maximising your potential refund:
- Donate to a SARS registered charity. Go ahead, support a worthy cause and save. You can donate up to 10% of your taxable income to public benefit organisations and claim a tax reduction on this donation, provided these public PBOs are registered with SARS off course.
- The Medical Scheme Fees tax credit. If you contribute to a medical aid, you can receive a monthly tax credit which increases according to the number of dependants you have.
- Invest in a local start-up. Individual investors are entitled to deduct the full amount of their investment from their taxable income in the tax year.
- Open a tax-free savings account. This is a savings account offered by financial institutions that invests your money in a combination of financial products such as unit trusts, bank savings accounts, fixed deposits, bonds, etc. All returns, i.e. the interest, dividends and capital gains earned will be tax-free. SARS allows taxpayers to save a maximum of R36 000 per year and R500 00 in your lifetime tax-free.
- Contribute to a pension fund, provident fund or retirement annuity. Your contributions towards these saving vehicles are tax-deductible up to a limit of 27.5% of your gross remuneration or taxable income (whichever is higher) subject to an annual limit of R350 000.
- Travel claims. If you drive a company car, you can claim a travel deduction. However, you can only claim a refund if your company car fringe benefit appears next to source code 3802 or 3816 on your IRP5.
Speak to your financial advisor about your tax plan for 2021 sooner rather than later, to help you achieve financial success.
Source: sanlam.co.za, taxconsulting.co.za, taxtim.com, allangray.co.za, entrepreneur.com, oldmutual.co.za
DISCLAIMER: The information on this website is for educational purposes only, and is not intended as medical advice, diagnosis or treatment. If you are experiencing symptoms or need health advice, please consult a healthcare professional.