Tax Planning

Services

TAX PLANNING

Tax is closely related to investments and personal finance, and therefore it made sense to add a tax- advisory service to the service offering of Brenthurst Wealth Management.

In addition to tax advice on investments and any other personal tax matters, Brenthurst also offers clients an e-filing service of provisional tax returns and payments.

Other tax services offered include:

  • Income & company tax registrations
  • Completion and submission of income tax returns
  • Tax calculations
  • Advice on tax planning and salary structuring
  • Tax directives &  disputes with SARS

NOTIFICATION

VAT increase effective as from 1 April 2018

On the 21st February 2018, ex finance minister Malusi Gigaba presented the annual Budget Speech in the National Assembly. He announced that National Treasury will increase the value-added tax (VAT) rate from 14% to 15% effective 1 April 2018 on the supply of goods and services rendered by registered VAT vendors.

In order to comply with legislation and regulatory changes, all investment related fees, will be adjusted to reflect the new VAT rate with effect from 1 April 2018. Should you have any queries please do not hesitate to contact any our offices.

deadlines for

submitting tax returns 2018

01-04-2018:  Start of Annual Employers Tax Season
31-05-2018:  End of Annual Employers Tax Season
01-07-2018:  Start of 2018 Tax Season for Individuals
31-08-2018:  Submission & Payment of 1st Provisional Tax return for 2019
01-09-2018:  Start of Interim Employers Tax Season
31-10-2018:  End of Interim Employers Tax Season
21-11-2018:  End of Tax Season for Individuals

BUDGET SPEECH 2018

Personal income tax:
This is what you’ll pay!

This year’s budget address saw an increase in the Value Added Tax (VAT) rate (set at 15% up from previous 14%; last adjusted in 1993) effective 1 April 2018, which is estimated to result in additional revenue of R22.9 billion. This attracted the most attention from media, lobby groups and opposition parties, with Treasury stating South Africa is now more in line with global averages.

South African taxpayers face an already high tax burden compared to the rest of the world, and no-one was spared. Many of the taxes will affect those on different income levels but as was expected, the high-income earners and wealthier individuals will have to contribute more towards the fiscus as Finance Minister Malusi Gigaba attempted to at least narrow the gaping budget deficit in the years ahead.

 

Click Here to Download : BUDGET SPEECH 2018

Personal income tax remains one of the biggest earners for government and it is estimated that income tax will bring in R505.8bn in revenue, VAT R348bn and company tax R231bn. This years proposed tax measures are expected to raise an additional R36 billion in 2018/19.

retirement Annuities

A GREAT WAY TO SAVE FOR RETIREMENT

The benefits are as follows:

  • Contributions are tax deductible within certain limits.
  • There is no income or capital gains tax applicable during the term of the investment.
  • Unclaimed contributions can be deducted on retirement.
  • At retirement, the remaining value (min two-thirds) can be transferred to an annuity on a tax-neutral basis.

Should you require any additional information or assistance with the completion and submission of your annual tax return please feel free to contact GAVIN BUTCHARD

GAVIN BUTCHART

Brenthurst Wealth Management (Pty) Ltd. is an authorised FSP in terms of the FAIS Act, 2002 (FSP No 7833) © 2018 Brenthurst Wealth Management. All Rights Reserved.

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