Your Year-End Tax Checklist: Smart Moves Before 28 February

“The avoidance of taxes is the only intellectual pursuit that still carries any reward. (John Maynard Keynes)

1. Boost your retirement savings

Contributing to a Retirement Annuity (RA) before 28 February can reduce your taxable income and grow your long-term wealth. If you haven’t maximised your annual tax deduction for contributions to retirement funds, this is a good moment to review it. Got any questions – ask us.

2. Top up your Tax-Free Savings Account (TFSA)

Each member of your family (even minor children) can have a TFSA and you can contribute up to R36,000 per year to each account. Interest and dividends paid from and capital growth inside a TFSA are completely tax-free, making it one of the most powerful long-term investment tools available.

3. Consider making a section 18A donation

Donations to qualifying Public Benefit Organisations (PBOs) and some other donees that are approved to issue section 18A receipts, are tax-deductible (up to 10% of taxable income). If you’re planning to give, now is a good time to do so.

4. Review your investment gains and losses

If you’ve realised capital gains this year, you may be able to offset them by realising losses on underperforming investments. This is known as “tax‑loss harvesting” and can help reduce your capital gains tax. If you’re unsure if this applies to you, we can definitely assist. There is also a CGT exclusion (up to R2 million in gains) on the sale of your primary residence so the timing of your house sale may have big tax implications (positive or negative).

5. Check your interest income

South Africans enjoy an annual local interest exemption of R23 800 (R34 500 for individuals 65 or older). If your interest income is close to or above the threshold, it may be worth reviewing where your cash is held and whether a more tax-efficient structure makes sense. Our advice here could be crucial.

6. Gather all your Tax Certificates

Make sure you have the necessary documents from your investment platforms, including:

Interest and dividend statements
Capital gains summaries
RA and TFSA contribution reports

These will make your tax return smoother and help avoid SARS mismatches.

7. Review medical and other allowable expenses

If you’ve had out-of-pocket medical costs or other deductible expenses, gather those records now so they’re ready for your return.

8. Provisional taxpayers: Double‑check your estimate

If you’re a provisional taxpayer, your second payment is due at the end of February. Ensuring your estimate is accurate can help you avoid penalties later.

A stitch in time saves nine

If you’d like help reviewing any of these items or want to explore opportunities specific to your financial plan, we are here to support you.

Jason Yutar: +27 83 415 9603 or
Zaheera Mohammed: +27 82 775 1898

Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact us for specific and detailed advice.

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