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How to pay salary increases, bonuses, donations to charities and gifts for clients and still save money

by , 27 April 2017
I'm sure you'd like nothing more than to get a little something back for yourself instead of just spending a fortune on salary increases, bonus payouts, donations to charities, gifts for clients, etc.

Well, you can. And I'm going to show you how.

Here are four little tricks you can use to make sure you get something out of your good nature.

Let's see what they are...

SARS is hungry for money. Your money.

It's teetering on the edge of around a R150 million shortfall of collected taxes... and if it fails to get this money, lights will go off, roads will crumble and water will become undrinkable.

So, SARS' only hope is to go after taxpayers with a vengeance.

But not individual taxpayers.

No. It's set its sights on corporate taxpayers, like you.

And that's why it doesn't want you to see this letter...




Four tricks you can use to save on tax

Trick #1 - Don't donate more than 10% of your taxable income!
 
If you donate to charities and public benefit organisations (PBOs) don't donate more than 10% of your taxable income. If you do, you won't get the balance as a deduction in the tax year.
 
But, just like everything else when it comes to SARS, you have to comply with a number of requirements before they'll allow you to save tax. The Practical Tax Handbook details these requirements for you. Get your risk free copy here
 
Trick #2 – Spoil your long service employees tax-free
 
Why not say thank you to your employees who've been with you for a long time by giving them a gift at your rewards function. Everyone likes recognition, and it's just what they're looking for.
 
The best part is the gifts you give them are tax-free. All you need to do is make sure the gift is worth less than R5 000.
 
Keep reading for the other two tricks.





How Greg got R22 400 back from SARS for his company's bad debt...

Greg got R22 400 from SARS for his company's bad debt...

Discover how he did it so you can do the same.

Plus discover 46 other ways to get money back from SARS now.




How to Trick #3 – Keep the staff party for the end of the year

This sounds a little harsh but it's not. If you have more than one staff party a year you must tax your employees on the snacks. And believe me, if your intention is to spoil your staff and you end up taxing them, it won't go down well.
 
This doesn't just apply to snacks. It applies to drinks and meal vouchers you give to them too.
 
Trick #4 - Distribute 13th cheques accurately
 
It's always nice for employees to receive a 13th cheque but the truth is, it's not always feasible. If you're fortunate enough to give your employees a 13th cheque you must distribute it according to your employee's gross salary average.
 
You can then include these amounts in the remuneration calculation.
 


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