The Personal Finance series with Warren Ingram

Tips and tricks to (legally) pay less tax

Tax season is here.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

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:

  • Retirement funds

  • Tax Free Savings Accounts

  • Try to reduce taxable income and rather get dividends

  • Endowments for wealthy people

Tax returns

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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