Sin tax is the name given to tax levied on cigarette and alcohol products. The only way it has changed over the last five years is that excise duties increase quite substantially every year. ...

Here are four ways that you can save with tax deductions: Medical scheme shortfall payouts. Taxpayers can claim deductions for their contributions to medical schemes, and you can also claim for out-of-pocket payments for medical products once your savings have dried up. Retirement Annuity claims. If you make payments towards a pension, provident fund or retirement annuity, you can claim deductions on taxable income. If you donate to a public benefit organization, you can also claim against taxable income. Tax-free ...

Here are five smart ways (or loopholes) you probably never thought of that could see you saving money on tax: ...

It’s easy to calculate how much tax you must pay. Calculating annual tax deductions and tax liabilities for an assessment year can be done in some simple steps. Calculate your total taxable income and then apply the tax rates relevant to that particular financial year. Computing your tax liability might be complex if the steps involved are too many. If the income is above a particular figure or in case the income is from multiple sources, things can get tricky. ...

There are several mistakes you could make on your tax return. It’s sensitive and could be a minefield of errors if you don’t do the homework well before filing. At a glance, these mistakes could be: Make sure you have indicated whether you have a bank account or not. SARS can check how much you have in your bank. Not declaring investments. Don’t think you can get away with not making clear if you have a bank account or not, ...