How to pay less Tax!

Taxpayers have the right to arrange their tax affairs within the constraints of the law to their best interest in order to minimize their tax obligations.

Some simple considerations that can greatly lessen your tax burden:

1. Claiming business travel if you are a commission earner;

2. Claiming commission related expense if you are a commission earner;

3. Claiming expenses if you earn non-salary income;

4. Claiming income protection premiums;

5. Claiming your daily costs if you receive a subsistence allowance;

6. Contributions towards a retirement fund;

7. Donations to a SARS registered charity;

8. Investing in a local start-up (s12J);

9. Joining a Medical Aid Scheme;

10. Keeping a logbook if you drive a company car;

11. Keeping a logbook if you receive a travel allowance;

12. Making use of the foreign employment income exemption;

13. Managing your interest income; and

14. Opening up a Tax-Free Savings Account.

For proprietors, consideration should be given to the Small Business Corporation (SBC) model, and the turnover tax model.

For trusts, trustees should be ever mindful of beneficiaries that emigrate before receiving capital profits from the trust. The taxes arising from this event are doubled.

Tax laws are complicated and set against a background of constant change. It is important to seek the services that offer strong tax support and can assist with a high level review that anticipates all the taxes that may arise.