Tax Talk

I always find that Tax makes many clients sweat, so let me give you a few brief tips below!

It is very important to make the most of the things you can claim tax back for, that way you can reap the rewards (and get some cash back)!

Claiming tax deduction tips if you are an individual taxpayer:

1. Contributions to pension, provident or retirement annuity funds (salaried employees’ can utilise the 27.5% deduction on taxable income for contributions to retirement funds, capped at R350 000 p.a.)
2. Wear and tear on assets used in the production of income (e.g. personal computer used for work)

Claiming tax deduction tips if you are an Independent Contractor:

1. Work-related entertainment expenses
2. Day-to-day business costs
3. Business-related travel costs
4. Wear and tear on computers, tablets, phones
5. Cost relating to your business premises

Of course, I could go on and one about tax, so if you want to know a bit more…send me a message!

Many individuals find doing their taxes daunting, but aim to make this your most efficient tax year yet!