Maximise your tax benefits: Don't miss the 19 February deadline

Everything you need for the tax year ending 28 February 2022:

January to December:

Clients can make use of their annual discretionary allowances in terms of South African Reserve Bank Exchange Control rules. South African residents are entitled to 2 allowances:

• R1 million discretionary allowance (DA) - this allowance may be used for foreign investment without having to obtain tax clearance (a tax number is required), as well as; travel, gifts, loans, studies and alimony.
• R10 million foreign Investment allowance (FIA) - this allowance can be used to invest funds overseas and requires the applicant to have a green bar coded South African ID book and to obtain tax clearance from South African Revenue Services (SARS) before proceeding.

Ending February:

• Clients can make use of their annual discretionary allowances in respect of tax-free investments. The maximum amount you can put into your account per tax year is currently R36,000, with a lifetime maximum of R500,000.
• Cut-off date: 19 February.

Ending February:

Clients can make use of their annual allowable deduction allowance in respect of retirement savings. The maximum allowable deduction will be determined as the greater of:

• 27.5% of taxable income, or
• 27.5% of remuneration.
• Limited to R350 000 per year.
• Cut-off date: 19 February

If you wish to make an additional contribution to your tax-free and retirement savings for the 2021/2022 tax year, we need to receive your instructions before Thursday 19 February 2022.

Our Integrated Wealthcare approach is based on your personal priorities and aspirations. This process is designed to give you a clear course of action for pursuing your goals that span various time horizons and life stages to empower you to do extraordinary things with your wealth, both now and in the future.

I look forward to talking with you again soon.

Yours in health,

Shane Thom, CFP^® GTP(SA)™
Managing Partner // Key Individual // Integrated Wealthcare Advisor // Personal Portfolio Manager (PPM)

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