Latest news with #R36
The Star
20 hours ago
- Business
- The Star
Unlock your tax savings: a guide to navigating auto-assessments
Dieketseng Maleke | Published 1 week ago As the 2025 tax season gets underway, millions of South Africans have already received their auto-assessments from the South African Revenue Service (Sars). But while these automatically generated assessments may seem like a welcome convenience, financial experts are urging taxpayers to proceed with caution before simply clicking "accept." 'Auto-assessments should not be accepted blindly,' warns Thys van Zyl, CEO of Everest Wealth Advisory. 'Tax season is, in fact, a golden opportunity to reduce your tax liability and potentially even receive a refund.' Van Zyl stresses that although Sars uses third-party data to calculate auto-assessments, these calculations may not include all the deductions you're entitled to. 'The reality is that not all allowable deductions are necessarily included. Additional deductions may include extra medical expenses, charitable donations, and home office or travel allowances. If you simply accept the auto-assessment, you may get less back than you're actually entitled to," he says. According to Van Zyl, if you've already received an auto-assessment and refund but realise you've missed important deductions, all is not lost. Taxpayers can still submit a tax return manually to correct or supplement the information provided by Sars. 'It's often wise to set aside the refund until the amended return has been processed. Just as it is every taxpayer's responsibility to ensure their tax return accurately reflects their income and expenses, they must also make sure they are refunded if they've overpaid or qualify for deductions," says Van Zyl. He says, importantly, taxpayers remain legally accountable for any errors, even if those originate from Sars' side. 'That's why you should always make sure your information is complete. If you notice any mistakes or omissions, you must request an amendment before accepting the assessment. Claiming that Sars calculated it and that it must therefore be correct will unfortunately not hold up. If you don't submit the correct information, it may result in penalties and interest on overdue tax – or, in severe cases, even criminal consequences," Van Zyl says. The 2025 tax season officially opened on July 7, with the rollout of auto-assessments. Taxpayers who want or need to submit returns manually can do so from July 21 to October 20, 2025, while provisional taxpayers have until January 19, 2026. According to Sars, 5.8 million taxpayers received auto-assessments this year, up from 5 million in 2024. Sars says 99.6% of those assessments have remained unchanged by taxpayers so far, and R10.6 billion in refunds have already been paid, most within 72 hours. Still, Van Zyl encourages South Africans to take a proactive approach: 'Tax season is an opportunity to take control of your finances and make the most of legal deductions and benefits.' Van Zyl says the most powerful tools available to taxpayers are: Tax-Free Investments: You can invest up to R36,000 per year (or R500,000 over your lifetime) tax-free, with no tax on dividends, interest, or capital gains. Retirement Contributions: You can deduct contributions to retirement funds up to 27.5% of the greater of your taxable income or remuneration, capped at R350,000 annually. 'It's smart to ask yourself during tax season: How can I make my money work for me? Even small contributions to a tax-free savings account or retirement annuity can make a big difference over time, especially thanks to the power of compound growth," Van Zyl says. Sars says the auto-assessment process is part of its broader drive to become a 'smart, modern' tax authority, using artificial intelligence, machine learning, and big data to streamline compliance. So far, more than 2.1 million taxpayers have engaged Sars through its digital channels, including: Online Query System (SOQS) WhatsApp (707,000 queries) Lwazi Chat Bot eFiling and the SARS MobiApp, which saw over 10.2 million logins since July 4. Sars commissioner Edward Kieswetter praised the success of this year's auto-assessment initiative, calling it 'a game changer' in making tax compliance easier. 'Ultimately, our aim is to make the best service to be no service at all. I encourage taxpayers to use our digital channels rather than queue at our Service Centres," he says. However, Sars also cautions taxpayers to be alert to scams. They remind users that Sars will never request engagement through unofficial links and urges the public to protect their login details and consult only registered tax practitioners. Suspicious messages or phishing attempts should be reported to [email protected] . 'Make sure your details are up to date, keep all necessary documentation, and use the legal mechanisms available to reduce what you owe – or to get something back. If you plan smartly and file on time, you can not only stay compliant but benefit from the process as well," Van Zyl says. Helpful Sars resources for 2025 Filing Season: Website: Online Query System: SOQS WhatsApp: 0800 117 277 (send 'Hi') SARS AI Virtual Assistant: Available 24/7 on the website Dial: 134 7277# for mobile access 7277# for mobile access YouTube: @sarstax PERSONAL FINANCE
IOL News
7 days ago
- Business
- IOL News
Gupta-owned Saxonwold properties struggle at auction after only one property sells
In an auction held on Thursday, only one of the properties linked to the controversial Gupta family found a buyer, underscoring the significant stigma surrounding these assets. The modest staff residence located at 3 Saxonwold Drive was sold for R3.35 million, while two opulent homes steeped in state capture-era notoriety failed to attract competitive bids, highlighting ongoing challenges in the property market linked to dubious ownership. The auction, conducted by Park Village Auctions, saw a single R3 million offer placed for the six-bedroom mansion at 7 Saxonwold Drive, which initially had a starting bid set at R5 million. In stark contrast, number 5 Saxonwold Drive, an expansive eight-bedroom, three-storey property, did not receive any bids at all. The stark reality was that municipal valuations for these prime pieces of real estate are considerably higher, sitting at R21 million for 5 Saxonwold Drive and R36 million for 7 Saxonwold Drive. Auctioneer Clive Lazarus reflected on the results, stating, 'We had a great deal of interest leading up to the auction, but given the complexity and uniqueness of these properties, it's not unusual for a transaction of this nature to take more time.'
IOL News
10-07-2025
- Business
- IOL News
Defence Minister Angie Motshekga commits to modernising SANDF despite budget constraints
Minister of Defence and Veterans Angie Motshekga says South Africa must build a 'capable, ethical, and developmental state' through a modern, resilient, and combat-ready defence force, even amid tight fiscal conditions. Presenting her Budget Vote speech for the 2025/26 financial year, Minister Motshekga told Parliament that the South African National Defence Force (SANDF) remains committed to safeguarding national sovereignty and contributing to peace and stability in the region. Acknowledging the constraints, she said: "In spite of our ongoing financial constraints, which badly affect our planning and operations, we will continue to reprioritise and do more with the little that we have received or which is at our disposal,' Motshekga said. Motshekga confirmed that all 2,250 SANDF troops deployed under Operation Tiber in the Eastern Democratic Republic of Congo (DRC) have returned home. 'Since the announcement of Summit DRC base withdrawal by our regional body SADC, all 2,250 members are back home,' she said. Motshekga expressed gratitude to neighbouring countries, stating, "I want to take this opportunity to thank the Government of Rwanda for allowing us a safe passage through their territory into Tanzania, and further wish to thank the Governments of Tanzania, Malawi, and the parties involved in the safe withdrawal of our members." The Department of Defence has been allocated R57.103 billion for 2025/26. Of this, R36 billion (64%) is for compensation of employees. Key allocations include: R2.7 billion for accommodation and municipal services; R2.5 billion for peacekeeping operations; R1.4 billion for transfers to AMSCO; R487 million for SADC contributions; R480 million for repair and maintenance; R300 million for emergency and day-to-day maintenance; and R200 million for border security vehicles and tech. Only R12 billion remains for all other operations.
The Citizen
06-07-2025
- Business
- The Citizen
Savings month: Here's how to build your financial future brick by brick
It takes time to build wealth, but you have to start somewhere and seeing it as a process of building it brick by brick might help. July is Savings month and the perfect time to design strategies to save and build your financial future. Although saving money might seem like a daunting task, especially if you want to achieve long-term goals such as buying a home, funding your children's education, or retiring comfortably. However, Thomas Berry, head of sales at PSG Wealth, warns, much like building a house, financial success is not built overnight and similar to the discipline you apply in your everyday life, it is a steady process of laying down one brick at a time. 'Each contribution you make towards your retirement annuity, tax-free savings account or voluntary investment, to name a few, becomes a foundational brick, helping you build a secure and resilient financial future.' Berry says the best way is to start with a solid plan. 'Just as you would not build a house without a detailed plan, you should not begin saving without clear goals. Start by defining what you want to save for, such as retirement, education, a home or holiday. 'This clarity gives your savings purpose, making it easier to stay motivated and disciplined. Set short, medium and long-term goals, each with realistic timelines and targeted amounts which you can track over time.' ALSO READ: Saving for retirement? Try these tax-smart retirement planning tips Start by laying the foundation Berry says the next step is to lay the foundation and pay yourself first. 'The most effective strategy to begin saving is to pay yourself first. Before you spend money on anything else, allocate a portion of your income directly to your savings plan. This strategy prioritises your future financial well-being and turns saving into a habit that compounds over time. 'To successfully lay the foundation, automating your monthly contributions through debit orders ensures you pay yourself first, much like laying bricks one after another. As you build on your contributions, you lay the foundation for your financial freedom.' He points out that it is also important to build with the right materials in the form of available investment products, such as: Retirement annuity: Contributions are tax deductible up to 27.5% of the highest of taxable income or remuneration, limited to R350 000 per tax year. You can retire from the fund after reaching the age of 55 or due to ill health if approved by the trustees. Funds are also accessible if you emigrate. Contributions are tax deductible up to 27.5% of the highest of taxable income or remuneration, limited to R350 000 per tax year. You can retire from the fund after reaching the age of 55 or due to ill health if approved by the trustees. Funds are also accessible if you emigrate. Tax-free savings account: You can make flexible contributions in the form of a lump sum, debit order or ad-hoc contributions up to a maximum of R36 000 per year and R500 000 over your entire lifetime. All growth, dividends and interest you earn is tax-free but if you contribute more than the limits, it is taxed at 40%. You can make flexible contributions in the form of a lump sum, debit order or ad-hoc contributions up to a maximum of R36 000 per year and R500 000 over your entire lifetime. All growth, dividends and interest you earn is tax-free but if you contribute more than the limits, it is taxed at 40%. Voluntary investment: This is a flexible, personal investment portfolio where you can access your investment at any time. Tax may be payable on your income and dividend distributions as well as tax on capital gains when you sell or switch units within the investment. Also note that tax reporting is done yearly and you will receive tax certificates to assist you in completing your tax return. Berry says although you are not limited to these options, these investment products are some of the building blocks you can use as part of a well-constructed financial plan. ALSO READ: Creative ways to save money in challenging economic times Brick by brick – choose the right materials 'Much like choosing the right materials when building a house, selecting the appropriate investment vehicles is key to ensure your financial success. He emphasises that it is also important to use the right tools to build your financial future in the form of selecting the right portfolio. 'When building a house, you would not try to make your own bricks, pour your own concrete, or handle the witing and plumbing unless you are an experienced and professional builder. 'In the same way there are experienced portfolio managers and investment teams who manage what are known as collective investment schemes. These are investment instruments that give investors access to professionally managed and diversified portfolios of assets including equities, bonds, property and cash. 'Given their years of experience, the managers of these portfolios or collective investment schemes give you access to investment opportunities and expertise that might be difficult to access on your own.' ALSO READ: 50 and still haven't saved? Here's how to kickstart your retirement plan today Brick by brick – choose the right builders Berry says just as you trust engineers and builders to get the structure of your house right, collective investments schemes let you rely on expert fund managers to navigate the markets effectively on your behalf. 'As with building a house, the design, materials and construction of your investments will depend on your budget, plans and appetite for risk. Portfolios will vary based on your investment goals, time horizon and risk tolerance. Working with a financial adviser will help you ensure that you are using the right tools to build a portfolio that reflects your unique plan.' He also points out the value of consistency, building you financial future brick by brick. 'The key to successful saving is consistency. Even when progress feels slow, every lump sum and debit order counts. The concept of compound growth in investments is a powerful force that allows investments to grow exponentially over time. 'Ultimately, saving is not about one grand gesture but rather a series of small, intentional actions. With planning, discipline and the right strategies, you can construct a solid financial foundation that supports your goals and financial freedom to withstand the test of time.'
The South African
02-07-2025
- The South African
Muizenberg beach huts hit by surge in break-ins by homeless
A break-in at a Muizenberg beach hut over the weekend has added to a growing crisis for local volunteers. The break-in, as reported by False Bay Echo , occurred early Saturday morning, 28 June, when a couple from Rocklands, Mitchell's Plain, broke into one of the iconic beach huts after failing to pry open another. Muizenberg is reportedly seeing a surge of similar incidents, tied to homelessness, drugs, and security gaps in the area. Angela Gorman, chair of the Friends of the Muizenberg Huts, revealed, as per False Bay Echo , that the intruders smashed through a door and lock before settling in under a plastic sheet for the night. They were discovered the next morning. Police opened a case after finding a large knife and drugs in the couple's backpack. The woman reportedly told authorities that a private security guard had given them permission to sleep in the huts. They've since appeared in court and were released with a warning into the care of the woman's father. Gorman said that homeless shelters weren't an option due to safety rules and the couple's circumstances. 'It was our first instinct to try to get them to a shelter,' Gorman said. 'But because they arrived from Mitchell's Plain with drugs and a weapon, shelters won't take them – and even if they did, couples are separated due to single-sex sleeping arrangements.' she explained. This is far from an isolated incident, as Gorman also revealed there have been at least 30 break-ins this winter, not including dozens of attempted ones that still caused damage. The mounting cost of repairs is already at R36 000. 'Our volunteers are constantly replacing doors and locks, only to find more damage the next day. It's not sustainable.' she said. Now, the volunteer group is calling for stronger support from the City of Cape Town as well as the community. Their top request: a dedicated hotline or WhatsApp line for beach-area incidents. Gorman said that Muizenberg is an iconic area that draws global tourists. 'We need to protect both their safety and our local heritage before it's too late.' she said. 'Break-ins are a problem, but so is the lack of support for people sleeping rough. Both need attention – urgently.' Gorman ended. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
