The Personal Finance series with Warren Ingram

Tips and tricks to (legally) pay less tax

Tax season is here.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram discussed the ways you can reduce your tax liability.

He also spoke about why you should complete your tax returns, even if you are not required to do so.

How to reduce your tax liability:

  • Retirement funds

  • Tax Free Savings Accounts

  • Try to reduce taxable income and rather get dividends

  • Endowments for wealthy people

Tax returns

Ingram says completing a tax return, even if you are below the tax threshold, is a no brainer if you intend on getting a refund from Sars.

If you are below the tax threshold (which is R350 000 per year) and you received a salary between 1 March and 28 February from only one employer – and you don't receive any other form of income, including a travel allowance - you do not need to complete a tax return.

However, by not filing a tax return, you will not receive a refund from Sars.

You may qualify for deductions on your:

  • Pension fund and provident fund

  • Retirement annuity

You will also qualify for Medical Aid Tax credits (R286 for primary member and R286 for first dependent) and any unclaimed benefits (qualifying medical expenses that you paid for).

For even just one member; that’s a refund of R3432!

You also need to remember that you could be liable for:

  • Capital gains tax (if you sold any investments)

  • Interest and dividends

  • Donations tax

For more detail; listen to the interview in the audio below.

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Last week was the JSE’s best in 10 years. Did you time it right?

Last week was the JSE’s best in 10 years. Did you time it right?

You cannot predict market turnarounds. Seriously. It’s freakin’ impossible, says Personal Financial Advisor Warren Ingram.

How the world’s richest people made their breathtaking fortunes

How the world’s richest people made their breathtaking fortunes

(A hint: for most, it wasn't in tech.) Bruce Whitfield interviews Warren Ingram, Galileo Capital Personal Financial Advisor.

9 tough questions you should never be afraid to ask your financial advisor

9 tough questions you should never be afraid to ask your financial advisor

Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.

What it'll cost to educate your kid abroad (and how much you must save a month)

What it'll cost to educate your kid abroad (and how much you must save a month)

Bruce Whitfield asks Galileo Capital Financial Advisor Warren Ingram about the cost of educating a child overseas.

5 ways to stop losing sleep over money and the economy (no drugs needed!)

5 ways to stop losing sleep over money and the economy (no drugs needed!)

The economy is toast. Galileo Capital Personal Financial Advisor Warren Ingram has five tips to help you sleep well anyway.

There are many ways to minimise capital gains tax

There are many ways to minimise capital gains tax

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

Popular articles
'Perhaps somebody is misleading the Public Protector'

'Perhaps somebody is misleading the Public Protector'

Bishop Malusi Mpumlwana gives his take on the supposed 'fightback' against Pravin Gordhan.

'I don’t spend much. I drive an old car. I’ve never been in debt'

'I don’t spend much. I drive an old car. I’ve never been in debt'

Bruce Whitfield interviews analyst Chris Gilmour about his attitude toward money (hopes and fears, successes and failures, etc.).

Daughter of Timol murder accused Joao Rodrigues reveals sexual abuse

Daughter of Timol murder accused Joao Rodrigues reveals sexual abuse

Tilana Stander talks about the abuse she suffered at the hands of her father.

[LISTEN]  My Life Beyond HIV

[LISTEN] My Life Beyond HIV

Pholokgolo Ramothwala chats to Azania about living with HIV and his newly released book, My Life Beyond HIV.

WATCH:  Crash, bang, wallop! How would YOU explain this to YOUR boss?

WATCH: Crash, bang, wallop! How would YOU explain this to YOUR boss?

The woman comes out of the crash without a scratch but is visibly distressed by the incident that she may have to explain later.

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

Steinhoff’s Web of Deception: An Explainer with Financial Mail journalist Warren Thompson.

[WATCH] Iceland’s Christmas advert banned- for being too political

[WATCH] Iceland’s Christmas advert banned- for being too political

Khabazela shares tweets and Facebook posts that have gone viral.