60 Seconds is not enough to cover the finer details of tax awareness. As a professional, it is good to educate clients and the general public on accounting & tax issues, not everyone gets the opportunity to master every field of business. It is important to use the resources and expertise around you.
A tax planner or tax specialist, financial planner or an accountant can help you save on your tax bill. You may not be taking full advantage of a contribution you could be making that will lower your tax. Once the tax year is over you lose out on contributions you could have saved money on. Take advantage of our free 1st consultation and take a step to saving money.
Tax reminders:
- The ‘tax season’ commences on 01st July.
- Individual’s returns- deadline is the last working day of November.
- Provisional Taxpayers & Trust – deadline is 31 January.
- Company or CC- deadline is 12 months after the financial year of that company or CC.
- Some tax exemptions or deductions:
- Pension & Retirement Fund contributions. Are your contributions working for you? Are you contributing the maximum that you are allowed to be tax deductible?
- Medical Aid Expenses & Contributions. Don’t forget about disability medical & related expenses- these are tax deductible. (Provided they meet the definition).
- Interest & dividend received
- Fringe Benefits- these are non- cash amounts given to employees by employers. These non- cash amounts are taxed at a determined value. Make sure that your employer is taxing you correctly throughout the year. A separate tax rating is used here. Examples of some fringe benefits are:
- Use of motor vehicle.
- Employer’s medical aid contributions.
An Accountant or Tax Consultant / Specialist will recalculate your tax and check it against what you have paid during the year. This is how an overpayment or underpayment of tax for that year is calculated.
There are many more deductions that an individual/Company or Trust is entitled to, call us and we can help you benefit.
