Cape Town - Did you know there are ways in which you can reduce your tax burden?
With the the new income tax filing season having opened on July 1, it's certain that no one can escape the noose of the taxman. But there are ways individuals and even in some cases companies and trusts can lessen their income tax liability, according to Judy Snyman, fiduciary specialist at AlphaWealth. Here are her suggestions:
Tax-free savings accounts
Tax-free savings accounts are a savings product introduced in South Africa in March 2015. These accounts allow you to save a maximum of R30 000 per year and R500 000 in your lifetime. You save in a specially designated fund/account without having to pay any tax on capital gains or the interest or dividends received on these investments.