There's a lot of talk near the end of each tax year about tax free savings accounts (TFSA). Social media is abuzz with photos and comments about maxing out the contributions. But what is a tax free savings account and what…
Tag: tax
Do I need to submit a tax return?
Tax filing season will soon be upon us. Not everyone is required by law to submit a tax return, but SARS does know where you live and most likely how much you earn, so they’ll be expecting their dues! Who…
Highlights from the 2021 budget speech
As always, there was much hype and anticipation ahead of Finance Minister Tito Mboweni’s 2021 budget speech. The economic crisis, COVID, rampant corruption, and failing state owned enterprises. What would he do? Where will the money come from? More tax?…
How to pay less tax in South Africa
It can be depressing when looking at the amount of tax we pay each month. More so when you consider that any extra money you make, through hard work and dedication, will also be taxed. You're not alone when wondering…
What are investment policies?
So what are investment policies? You know, those things that were sold to you about 30 years ago. Or if you're too young for that, the things that your parents took out when you were small. Probably to save towards…
SARS Medical Tax Credits
Claiming for SARS medical expenses may seem complex, but it really isn’t! As long as you have your medical aid certificate (if applicable) and any qualifying medical expenses along with receipts, SARS will do all the medical tax credits calculations for…
Income tax on your interest
Having recently discussed the building of an emergency fund, let's now look at the tax on your interest. Why don’t financial services companies tell you exactly what you’re going to get? In a world where performance is almost always the…
Capital Gains Tax for retirees
Capital Gains Tax for retirees and how it affects them when selling their homes after 30 or 40 years, when the property has greatly increased in value.
Preparing for the 2019 tax season
First published in City Press The 2019 personal tax season has officially opened and one can start submitting tax returns online via eFiling or the MobiApp. This tax submission relates to any financial transactions you made between 1 March 2018…
Tax implications of cashing out your Provident Fund
It’s not uncommon to change jobs every few years and at the same time think of cashing out your Provident Fund. It seems like a great way to access some “quick cash”, but is it really worth it? First appeared…
Read More Tax implications of cashing out your Provident Fund
How the 2019 Budget Speech affects us
There was much hype and anticipation ahead of Finance Minister Tito Mboweni’s 2019 budget speech. Knowing some of the major challenges the country faces many were interested to see how the Finance Minister would juggle the fiscus to address issues such…
Must you still submit tax return?
Many of us dread completing our tax returns. Not only does it seem like complicated admin, we're also afraid that we'll owe SARS money that we don't necessarily have. It is however easier than you think, and you can plan…