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Minimising Your Taxable Income

29 July 2013   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Ingé Lamprecht (MoneywebTax)

Beware of understatement penalties.

How do I minimise my taxable income?

This question is often put to Tax Practitioners and while there are ways to limit the amount of tax paid, the bad news is that for most people the legal avenues to minimise taxes are limited.

Piet Nel, project director for tax at the South African Institute of Chartered Accountants (Saica), says people who earn a salary can deduct contributions to a pension fund or retirement annuity.

Individual taxpayers may also claim a deduction for payments to registered medical practitioners or prescribed medicine. People over 65 years of age may claim a deduction for all medical expenses, but deductions by younger taxpayers will be subject to limitations as the benefit is mainly in the medical scheme fees tax credit.

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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