It feels like a few days ago that we were all wishing everyone well before we all embarked on our well deserved breaks and all the Merry Christmases and Happy New Years messages that went out and came in, and now we find ourselves talking about the end of the 2023 tax year which is fast approaching.
Today lets unpack some ways which you can maximize your Income Tax Rebate and reduce your Annual Taxable Income correctly.
The first is to maximize your Tax Free Savings Contribution. If you haven't done so already, then you need to.
With this savings account, you can enjoy the benefits of saving without worrying about paying taxes on the interest earned.
With flexible contribution limits and a range of investment options, this account is suitable for individuals of all levels of income and investment experience. Whether you're saving for a rainy day, a big purchase, or a secure retirement, this account can help you achieve your financial goals. Our team of financial experts is dedicated to providing you with personalized advice and support to help you make informed investment decisions. With cutting-edge technology and a user-friendly platform, managing your account has never been easier. Don't let taxes eat into your hard-earned money. Open a tax-free savings account today and start growing your wealth the smart way. Contact us for more information and to start your savings journey.
The second method is to do an addhoc contribution into your retirement annuity. You see given the current limits which is either 27.5% of your total annual income or capped at R350k per annum is your allowable contribution you can make into your retirement annuity.
Not only does this allow you to legally reduce your taxable income, but it also assists you with your retirement planning.
The financial service providers have time limits in which these contributions need to reflect in order to legitimately claim it for the financial year.
If you would like assistance with your financial planning, or estate planning, please feel free to contact us for an appointment.
You can book a consultation with us by calling 011 608 3338 or by submitting your information through our website at www.wallstreetfs.co.za
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WALLSTREET FINANCIAL SERVICES
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