You have 6 working days left to take advantage of year end Tax Saving Opportunities

Just a friendly reminder about 3 important issues to have addressed before 28/02/2011.

1. Retirement Annuity Contributions – Minimise your tax liability

It is widely expected that changes will be implemented in legislation around RAF’s in the future – thus you may have very few opportunities left to use this valuable tax subsidy in organising your retirement savings in vehicles which YOU choose! Consider maximizing your allowable contributions this month before the opportunity passes (click here).

2. Travel Allowance & SARS logbook requirements

If you received a travel allowance during the 2011 tax year, you needed to record your mileage reading as at 28 February 2011. From 1 March 2010, it is compulsory for taxpayers who receive a travel allowance and who wish to claim for their business mileage deduction, to keep a logbook of their business mileage.

The logbook should include the date, odometer reading and purpose of trip/client’s name. Opening and closing odometer readings for each tax year must also be noted. Taxpayers who do not comply will forfeit the benefit of their allowances and could owe money to SARS on assessment.

3. Salary Structuring for February 2011 IRP5’s

Important salary structuring issues that can impact on your personal pocket must be resolved by 28/02/2011 (before the February 2011 payroll is finalised).

Kindly contact Juanita at our offices to assist you in maximising these tax saving opportunities.

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