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If you are employed and receive a travel allowance from your employer, you are able reduce your taxable income by claiming a tax deduction for the fuel you bought and maintenance costs https://followmycal.com/853/espers/. This quick “Travel tax deduction calculator” calculator shows you how much you can claim.
The deemed cost method allows you to factor in fuel and maintenance costs only if you have paid for them entirely out of your own pocket. If your employer reimburses you for any portion of these expenses, you cannot include that component when calculating your cost per kilometer.
Retirement annuity contributions are tax deductible in South Africa. That means, you pay less tax when you invest in a retirement annuity. However, are they really worth it for everyone? If you earn R7 500 per month, do you even qualify for any tax deductions? What about if you earn R40 000 per month? What about R100 000?
You earn R40 000 per month. You decide to invest R5 000 into a retirement annuity. SARS will not tax you on the R40 000. Instead, you only pay tax on R35 000. The contribution you made to the retirement annuity reduces your taxable income. And you pay less tax.
Just how much tax could you save in taxes by maximizing your retirement annuity contributions? SARS allows you to invest up to 27.5% of your income (capped at R350,000 per year) and deduct it from your taxable income. This table shows the maximum tax savings you can achieve for different income levels .
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Heb je moeite met effectief budgetteren, dan kun je (anoniem) terecht bij professionele hulpinstanties zoals AGOG, Jellinek of Loket Kansspel. Deze bieden gratis hulp en begeleiding, en regelen indien gewenst een doorverwijzing.
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