Tax season is here.
Ingram discussed the ways you can reduce your tax liability.
He also spoke about why you should complete your tax returns, even if you are not required to do so.
How to reduce your tax liability:
Tax Free Savings Accounts
Try to reduce taxable income and rather get dividends
- Endowments for wealthy people
Ingram says completing a tax return, even if you are below the tax threshold, is a no brainer if you intend on getting a refund from Sars.
If you are below the tax threshold (which is R350 000 per year) and you received a salary between 1 March and 28 February from only one employer – and you don't receive any other form of income, including a travel allowance - you do not need to complete a tax return.
However, by not filing a tax return, you will not receive a refund from Sars.
You may qualify for deductions on your:
Pension fund and provident fund
- Retirement annuity
You will also qualify for Medical Aid Tax credits (R286 for primary member and R286 for first dependent) and any unclaimed benefits (qualifying medical expenses that you paid for).
For even just one member; that’s a refund of R3432!
You also need to remember that you could be liable for:
Capital gains tax (if you sold any investments)
Interest and dividends
- Donations tax
For more detail; listen to the interview in the audio below.
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