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Tired of forking out thousands to SARS? There are two tax-saving tips that can help

by , 06 June 2014
Tax can cost you thousands every year. It's not uncommon for people to fall behind with their income tax and that means being in debt to SARS.

SARS is one organisation you don't want to owe a huge amount of money to because it'll open you up to audits, seizures, fines and possibly jail time.

But you don't have to go the route of tax evasion to catch a tax break.

There are easy, safe and totally legal ways to save money on your tax.

So keep reading to discover our top two tips for substantial tax saving.

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15 tax-saving tips you should use to save on you money

The Practical Tax Loose Leaf contains 15 incredibly easy and legal tips you can use to cut down on your tax. Today, we're going to show you our top two:
 

Tip 1: Get cash back by giving money away

You may not realise it, but SARS rewards your good deeds. That's right! You can claim a deduction on any donation you make of up to 5% of your taxable income.
 
But, before you try claim this tax deduction, ensure you have the receipt for the organisation you made the donation to.
The receipt must have:
 
-          A SARS reference number of the public benefit organisation (PBO);
-          Date of the receipt of the donation;
-          Name of the PBO;
-          Name and address of donor;
-          The amount of money you donated or the nature of the donation; and
-          A certification that the organisation issued the receipt for the purposes of Section 18A.
 
With this document in hand, you can safety claim money back from SARS.
 
So what's our next big tip?
 
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Tips 2: Take advantage of these seven tax-free receipts

If you want to reap the tax-free benefits from these payments, hang on to these seven receipts for:
 
1.       Damages or compensation received for loss in capital assets;
2.       Disability assurance proceeds received;
3.       Indemnity insurance;
4.       Professional subscriptions;
5.       Fortuitous gains;
6.       Goodwill payments received; and
7.       Travel allowance received for business travel.
 
With these seven financial records you can prove to SARS that it owes you money. 
 
So there you have it: Our two tops tips that'll save you thousand in tax. If you want to take a look at the 13 other tips, turn to the chapter on Individuals: Tax-Saving Tips in your copy of the Practical Tax Loose Leaf.


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