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

amendments to the new income tax act, 01 March 2020

Several thousand South Africans are set to be impacted by new amendments to the Income Tax Act which will come into effect from 1 March 2020.

Currently, South African tax residents who render services outside the country in terms of foreign employment for longer than 183 full days of which at least 60 days are continuous in any 12-month period can be granted an exemption on their income tax.

However, under the new rules, these South Africans will only receive a break on the first R1.25million earned abroad. After this, you can be taxed according to South Africa’s own income tax system.

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

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 BUTCHART

GAVIN BUTCHART

JOHANNESBURG

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+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

Brenthurst Wealth Management (Pty) Ltd is an authorised FSP in terms of the FAIS Act, 2002 (FSP No 7833) © 2022 Brenthurst Wealth Management. All rights reserved.

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