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As this is a leap year, 29 February marks the end of the financial year. All information up to this date will be included in your 2023/24 tax return.
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This includes all tax-deductions.
. Top up your retirement fund by investing up to 27.5% of your income, tax free (up to a maximum of R350 000). It is a great way to reduce your tax burden while securing your retirement.
. If you haven’t already maxed out your annual R36 000 tax-free savings allowance, pay in a lump sum before the end of February to get your contributions up to this level. You are limited to how much you can contribute each year so you cannot just catch up next year.
. If you work from home or your income is commission based, there are certain expenses you can claim. Make sure you have proof of all those expenses and put them in a file now.
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. Write down your odometer reading if you claim business travel expenses. You also need to be keeping a logbook which you will have to submit when you file your tax return later in the year.
. Apart from medical tax credits for medical scheme members, if your medical expenses exceed 7.5% of your taxable income or, if you are over the age of 65, you can claim those expenses from your taxable income. Make sure you have the paperwork.
If you are a member of a medical scheme, it is worth submitting those claims even if they are not paid as it provides a single record for the SA Revenue Service.
Make sure you have your paperwork up to date. This takes away the stress of finding these documents when the time comes to file your tax return.
