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.
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.