How to get a tax refund in 2021 – and every year thereafter
Tax season is coming!
From 1 July, South African taxpayers can submit their tax returns for the year ending on 28 February 2021.
Hopefully, there is some money you can claim from the South African Revenue Service (Sars).
Africa Melane interviewed Michael Rossouw, a Senior Investment Consultant at 10X Investments.
Rossouw spoke about why you should submit a return and what you could expect back.
You can contribute towards retirement savings… and claim back a tax return… The wealthy people I know… don’t pay more tax than they should…Michael Rossouw, Senior Investment Consultant - 10X Investments
If you earn, say, R25 000 a month, and contributed R5000 to an RA [retirement annuity]. Instead of getting taxed on R25 000, you get taxed on R20 000. The tax you’re saving, you can claim back…Michael Rossouw, Senior Investment Consultant - 10X Investments
It’s a good habit that Sars is incentivising… A lot of people reinvest their tax refund… It’s super-beneficial…Michael Rossouw, Senior Investment Consultant - 10X Investments
Listen to the interview in the audio below.
This article first appeared on CapeTalk : How to get a tax refund in 2021 – and every year thereafter
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