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

top up your ra or tax-free savings account before
28 feb 2019 

South Africans are allowed to invest up to R 33 000 per year in a TAX-FREE SAVINGS ACCOUNT and up to a maximum of R 500 000 over a lifetime, so taxpayers who can afford to add more to the kitty to reach this year’s limit, should do so. 

Amounts invested in  RETIREMENT SAVINGS PRODUCTS can also be deducted from taxable income. If you play your cards right, you can get up to a 27,5% tax reprieve on your annual income, capped at R 350 000 per tax year on an RA and/or pension fund. And of course, the investment returns on your RA contributions are free of dividend, income and capital gains tax, as well as any taxes on interest earned.

And because investment growth is not taxed, the future value over the long term could end up being far greater, compared to returns that are taxed at marginal tax rates for example.

RAs are also beneficial in estate planning because they are excluded from estate duty. The only downside of an RA is that you cannot access your savings before the age of 55 unless you are emigrating, whereby you will pay tax on the withdrawal.

deadlines for

submitting tax returns 2019 & 2020


28-02-2019: Submission & Payment of 2nd Provisional Tax returns for 2019
01-07-2019: Start of 2019 Tax filing Season for Individuals
31-08-2019: Submission & Payment of 1st Provisional Tax return for 2020
31-10-2019: End of submission of non-provisional taxpayer returns 2019
31-01-2020: End of submission of provisional taxpayer returns 2019
28-02-2020: Submission & Payment of 2nd Provisional Tax return for 2020

 

SARS

Key upcoming tax submission dates

Income Tax Returns (2018) tax year

21-09-2018:  Manual submissions via post or at SARS drop box (provisional and non-provisional taxpayers)
31-10-2018:  Electronic submissions via e-filing (non-provisional taxpayers)
31-01-2019:  Electronic submissions via e-filing (provisional taxpayers)

Provisional Tax Returns

31-08-2018:  First period, 2019 tax year
30-09-2018:  Voluntary top-up, 2018 tax year
28-02-2019:  Second period, 2019 tax year

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

JOHANNESBURG

FOURWAYS

+27 (0)11 799 8100
Cedar Office Estate,
Cedar Road, Fourways

JOHANNESBURG

SANDTON

+27 (0)10 035 1391
Business Exchange, 150 Rivonia Road, Sandton

PRETORIA

ERASMUSKLOOF

+27 (0)12 347 8240
494A Lois Avenue, Erasmuskloof X3, Pretoria

CAPE TOWN

NEWLANDS

+27 (0)21 418 1236
Boundary Terraces, 1 Mariendahl Rd, Newlands

BELVILLE

TYGERVALLEY

+27 (0)21 914 9646
Tyger Waterfront Terraces, Carl Cronje Drive, Bellville

Stellenbosch

CENTRAL

+27 (0)21 882 8706
97 Dorp Street, Unit 3, La Gratitude, Stellenbosch

Suite 1D, Clarens Fields Business Park, Riviere Noire Road, Bambous
  +230 5843 5215

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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