Winning at tax in 2023: 6 questions you need to ask yourself today!

1. Am I a provisional taxpayer?

If you earn additional income that is not taxed by an employer, then YES.

2. Am I a non-provisional taxpayer?

If you’re a salaried employee whose company pays PAYE on your behalf, and you don’t earn additional income that amounts to more than R30 000, then YES.

3. I’m a provisional taxpayer; when do I submit?

Three times a year. One of which is around the corner!

The “end of February is your last chance to submit your 2023 second provisional,” says Roscoe Dekker, one of our managing partners.

What does that mean? You have to make your second payment to SARS by 28 February 2023 for your 2023 year-end.
This is where your TTT consultant gets involved. They will “gather as many expenses as they can” so that your provisional payment to SARS is a lot less, says Roscoe.

There is also a third return due in August. These returns require that you, as the provisional taxpayer, plan and budget correctly – otherwise you could face penalties from SARS.

Roscoe explains that the team’s most time-consuming clients are our provisional taxpayers. This is because we are painstakingly thorough in understanding their expenses, estimated income and budgets. Why? Because crucial chances for extra returns from SARS hide inside all that data.

“There are legal ways and means to reduce that [tax payment], not known to the general public.” -Roscoe Dekker, TTT Financial Group Managing Partner

4. I’m a non-provisional taxpayer; when do I submit?

Once a year; the deadline is around the end of October each year.

5. I’m a non-provisional taxpayer; how do I make SARS work for me?

There are many ways to make SARS work for you. Here are just a few:
– Contribute to a retirement annuity
– Contribute towards a medical aid
– Open a tax-free savings account
– Donate to a public benefit organisation (NPO)

6. I’m a provisional taxpayer; how do I make SARS work for me?
As above – but with TONS more options!

If your commission is equal to or greater than 50% of your gross income, you can claim on any expenses that helped you get that commission. Examples include:

  • internet service provider (ISP) expenses
  • travel
  • assistant salaries
  • banking fees
  • clothing
  • home/office security fees
  • and much, much more!

Keeping up to date with the rules and then finding the time to play the SARS game is a full-time job. One that our TTT consultants happily do!

Here’s to a more fulfilling and less stressful 2023. *clink*

Contact us today and find out how our team can help you.

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