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

TAX-FREE SAVINGS

Maximise the long-term growth of your savings by benefiting from a tax-free savings account (TFSA).

WHAT IS A TFSA?

Tax-free savings accounts (TFSAs) were introduced in 2015 to encourage individuals resident in SA to save more. The growth and income received on a TFSA investment are tax free. This means you are not liable for any capital gains tax or tax on the dividends and interest received on your investment.

A TFSA is a convenient and flexible way to accumulate savings over time in a tax-efficient manner.

NOTIFICATION

TOP UP YOUR RA OR TAX-FREE SAVINGS ACCOUNT
BEFORE 29 FEB 2024

South Africans are allowed to invest an annual limit of R 36 000 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. All proceeds, including interest, dividends and capital gains on the disposal of these investments, are fully exempt from tax, but make sure you stay within the rules, if you exceed the annual limits a 40% penalty of the excess capital contribution is imposed.

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 2024 & 2025

29-02-2024: Submission & Payment of 2nd Provisional Tax returns for 2024
01-07-2024: Start of 2024 Tax filing Season for Individuals
31-08-2024: Submission & Payment of 1st Provisional Tax return for 2025
23-11-2024: End of submission of non-provisional taxpayer returns 2024
24-01-2025: End of submission of provisional taxpayer returns 2025
28-02-2025: Submission & Payment of 2nd Provisional Tax return for 2025

KEY TAKEAWAYS FROM THE

2024
NATIONAL BUDGET

Before the National Budget announcement by Finance Minister Enoch Gondongwana, many people expected new or higher taxes to reduce the government’s huge debt and fund the election promises. Although this did not happen there is not a lot of good news. The Minister said that South Africa’s economy performed poorly and tax revenue collection for 2023/24 dropped sharply. In the 2023/24 fiscal year, tax revenue was R1.73 trillion, which was R56.1 billion lower than the 2023 Budget estimate. Commentators said that the budget was ‘pure politicking’.

The largest share of tax spending will go to Social Services (R480.6bn), Social Development (R387.3bn) and Debt Service Costs (R382.2bn). Find the full summary here: Budget 2024. Read the reviews by Stanlib and BusinessTech for the details.

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 BUTCHART

GAVIN BUTCHART

FOURWAYS

+27 (0)11 799 8100

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BRENTHURST SATELLITE OFFICES

KWAZULU -NATAL: Arin Ruttenberg | +27 84 582 8581
FREE STATE: Iniel Van Zyl | +27 72 298 3212
MPUMALANGA: Marise Smit | +27 72 795 3604
NORTH WEST: Maria Smit | +27 79 696 6860

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