From retirement contributions to medical aid credits, taxpayers could benefit from understanding how different financial decisions affect their tax.
July has arrived, and with it, tax return filing season. While many people would prefer not to think about it, ignoring your return or not carefully checking your auto-assessment could cost thousands.
“Tax is the largest annual expense for most South Africans. It’s bigger than rent and groceries, bigger than almost anything in their budget, yet most people never think about optimising it,” says Alex Cook, chief executive officer of financial wellness fintech Wealthbit.
Alex Cook, chief executive officer of financial wellness fintech Wealthbit.
The difference between letting the South African Revenue Service (SARS) do its calculations and really getting to grips with your tax position can amount to tens of thousands of Rands a year.
