Can we use the changes in income tax to score big on our tax returns?
22 February 2017 is South Africa’s national budget day and there is a lot of doom and gloom in the press covering almost inevitable announcement from Finance Minister Pravin Gordhan ‘Personal Tax increase concentrated on the higher end taxpayer!’ It’s music to slit your wrists by.
This clashes with the spirit of international tequila day, also on 22 February. So let’s do a ‘whoop whoop’ and see if we can score a healthy tax refund for the 2016/17 tax year that will score a bigger tax refund than any tax increase can take in 2017/18.
It’s February, the last month of the tax year. Employed taxpayers are not spoilt for choice. There is nothing that can be legally done to undo income that has already been received or accrued. And most tax deductions of employees are disallowed by section 23M that scuppers almost all tax deductions. So most just reach for the bottle, debit experience and credit bank!
Some go out and buy a new car in February. ‘It’s for my tax’ they say. But it has the same effect as throwing a muffin at the Milky Way.
But, if you are serious about financial/tax/wealth planning I can help some taxpayers score a tax saving that will outstrip any personal tax increase that will come our way in 2018.
Click here to view the very informative and funny presentation.
But wait! That’s not all!
You can also enrol for the inimitable Prof’s free post budget lecture and receive CPD points. Click here to enrol.
