2023’s tax season starts on 7 July and closes on 23 October. Here are some key pointers for the regular employed, the commission earning or side-hustle employed, and of course for those in auto-assessment.
Tax rates for the 2024 year of assessment
There’s that saying about death and taxes…. Here are the tax rates for the 2024 year of assessment, and some tips for reducing your tax liability.
Rooftop Solar Tax Incentive
In the 2023 Budget Minister Godongwana announced a tax incentive for individuals investing in rooftop solar photovoltaic panels. The intention is to get people investing in solar ASAP to reduce pressure on the grid and increase clean energy generation. More specific details were provided in April so that people can respond quickly to the incentive.
Capital Gains Tax on shares
How CGT on shares is calculated: This is the clearest and most detailed explanation you’ll ever find!
Provisional tax – what, when, who and why?
Provisional tax is not a separate tax, but simply income tax that is collected in advance, twice a year. The two instalments ensure that the taxpayer doesn’t have to fork out a single lump sum payment at the final tax deadline. But there’s a little more you should know…
Tailor your tax strategy
It’s peculiar that we talk so often about the importance of a tailored investment strategy, but not the need for a tailored tax strategy. The aim of a tax strategy is not to avoid tax. Rather, a tax strategy reduces your risk of contravening tax regulations. What does this mean in practice?
The tax consequences of retirement
At last! The difference between a Retirement Annuity, a Preservation Fund, a Provident Fund and a Pension Fund. And of course, the tax implications for planning your retirement.
Tax on travel allowance vs right of vehicle use
Can you claim tax deductions for travel expenses? Well, there are T&Cs, but we’ve made them (relatively) easy to understand.
Tax-efficient emergency funds
The income generated from your emergency fund determines how you will be taxed, but are some holding structures better than others? You could hold your emergency fund savings in your personal capacity, or in the name of your company, or even in a trust. But which is the most tax efficient structure?
Section 11F deductions
Section 11F allows taxpayers to deduct pension, provident and retirement annuity fund contributions from their taxable income. With T&Cs…