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Tax Tips

Some Tax Tips to Consider.

Foreign Investments
If you still have money stashed overseas that involved a contravention of the exchange control regulations or local money or assets that you have not declared for tax purposes, you will soon have another opportunity to come clean with the tax and exchange control authorities. You must still pay tax with the amnesty but will not incur penalties.
Retirement Fund Taxation
Major changes to the taxation of retirement fund benefits have taken place over the past three years. Proposals in this regard, in the Taxation Laws Amendment Bills this year, largely refine the changes that were announced previously or to correct anomalies that have arisen as a result. Before retiring or withdrawing or following retrenchment from your fund please consult a Financial Planner.

Tax Tip
You now have the opportunity to look back at what you have achieved over your lifetime and what still needs to be achieved in the years to come. This is one of the most important stages of your life. You will be reviewing your Retirement Savings and hopefully assessing whether you will have enough in the future. Here it is important to prioritise Wealth Creation and Medical Expenses now and in the future. And to a lesser extent Income Protection and Family Protection.
Tax Tip
In Retirement you will be affected by inflation and possibly volatile market movements. This can impact on your income and reduce your capital that you have accumulated. You must have your assets properly managed. Medical and Lifestyle advances are increasing the likely hood of long life, increasing the the period of retirement. Ensure your assets are properly managed so that they outlive your

Everyone must register whether you pay tax or not.

Lower-income earners who earn more than the tax threshold but avoid tax because they are paid by multiple employers will in future pay tax, but this tax will be phased in over three years.

The National Treasury is proposing that the Standard Income Tax on Employees (Site) system be phased out, but anyone who receives payments from an employer who is responsible for deducting Pay As You Earn tax from employees will have to be registered as a taxpayer.

Taxpayers who receive payments from multiple employers and who are taxed only in terms of Site can earn a total income that exceeds the tax threshold and not pay tax.

Keeping payments under the tax threshold and not registered enabled many taxpayers to avoid paying tax.

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