{"id":518,"date":"2014-02-24T22:59:00","date_gmt":"2014-02-24T20:59:00","guid":{"rendered":"http:\/\/richideas.co.za\/pay-sars-less-pay-yourself-more\/"},"modified":"2017-09-21T12:35:09","modified_gmt":"2017-09-21T10:35:09","slug":"pay-sars-less-pay-yourself-more","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/pay-sars-less-pay-yourself-more\/","title":{"rendered":"PAY SARS LESS. PAY YOURSELF MORE."},"content":{"rendered":"
With only a few days left in the tax year, you have just enough time to make a prudent financial decision that may save you a few thousand rand on your next tax return, and earn you considerably more than that at retirement! \u00a0It\u2019s common practice amongst those astute in minimising their tax deficits and maximising their long-term gain: top up your Retirement Annuity contributions to equal 15% of your annual income for the current tax year.<\/p>\n

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In South Africa, the prediction is that almost 9 out of every 10 people will have insufficient retirement savings when they enter their golden years. \u00a0The current average for RA contributions is 3,6% per annum, way below the recommended 15%. \u00a0In an attempt to encourage us to invest an adequate \u2018basic minimum\u2019, SARS has made 15% of your income, if invested in a Retirement Annuity, tax deductible!<\/p>\n<\/div>\n

BUT WHAT DOES THIS REALLY MEAN?<\/h3>\n
One of the biggest stumbling blocks to RA\u2019s is that it\u2019s money saved for a future need that many people feel is so far off, that they don\u2019t need to prioritise it just yet. \u00a0It\u2019s an immediate \u2018cost\u2019 with a long wait until we reap any of the rewards. \u00a0But, here\u2019s the point of this entire blog:
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Contributing to your RA today, can have an immediate benefit to you, today!<\/span><\/b><\/div>\n

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As I\u2019ve already mentioned, SARS will allow you a 15% tax deduction and stats show us that most people are contributing way below this. \u00a0This means, that in your tax return, there is an extremely high possibility that you can top up your RA and potentially save a significant amount of money.<\/p>\n<\/div>\n
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OKAY \u2013 SHOW ME THE MONEY<\/h3>\n
Let\u2019s say that you earn R12 500 a month, that\u2019s R 150 000 per annum. \u00a0Without any RA contributions, or any other deductions, you would pay around R14 900 in tax (for the whole year or around R1 200 every month).<\/p>\n<\/div>\n
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SARS allows you to deduct up to 15% for Retirement Annuity contributions. \u00a0From my example this would be R22 500, or R1 875 per month. \u00a0If you have been paying 15% every month, or choose to top up your RA to meet this cap (ie. your monthly contributions are less than 15% of your gross income), you would only pay around R 10 900 in tax for the whole year \u2013 that\u2019s a saving of R 4000<\/b>. \u00a0Double the income figures, and you can double your savings calculations.<\/p>\n<\/div>\n
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What\u2019s more, you\u2019re investing this money, and the interest that it will earn, in your future.<\/p>\n<\/div>\n
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If you\u2019d like to take advantage of this now, don\u2019t waste any more time and let\u2019s hook up!<\/div>\n
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With only a few days left in the tax year, you have just enough time to make a prudent financial decision that may save you a few thousand rand on your next tax return, and earn you considerably more than that at retirement! \u00a0It\u2019s common practice amongst those astute in minimising their tax deficits and maximising their long-term gain: top up your Retirement Annuity contributions to equal 15% of your annual income for the current tax […]<\/p>\n","protected":false},"author":1,"featured_media":786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,14],"tags":[],"class_list":["post-518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning","category-tips"],"yoast_head":"\nPAY SARS LESS. 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