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A quick reminder about a few important financial matters...

The 2024 tax year ends on 28 February. Here are some time-sensitive steps you can take to benefit from tax allowances:

  1. Maximize your retirement annuity top-up to obtain the maximum tax deduction.

  2. Consider triggering any capital gains to use your annual CGT allowance effectively. If you anticipate needing a lump sum soon, it may be advantageous to take it this year, given the current Capital Gains tax inclusion rate.

  3. Make sure your tax-free investment is topped up to R36,000.

  4. It may be worthwhile contributing to tax-free investments as gifts for your children or grandchildren.

  5. Your discretionary offshore allowance of R1,000,000 is available from January to December 2024. Think about placing asset swap funds in direct offshore investments.

Should you have any questions or need clarification on any of these points, please contact us.

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