Filing season opened on the 1st July 2018 and it’s too late to do anything about last the tax year. You are on top of your tax return when you know before you complete the return what to expect. Tax planning should take full advantage of all options before the end of the tax year in February. Completing the tax return then becomes a formality.

Here are some ideas to work on before February next year.Medical aid
If your saving account runs out during the year keep on sending the medical bills to your medical aid company. They tally the expenses for you on your tax certificate which are not paid by the scheme. This amount is claimable on your return after certain limits. This will save you keeping records as proof for SARS.

Retirement contributions
You can deduct up to 27,5% of the contributions made towards your retirement funds against your taxable earnings.
This is a huge opportunity to get more into your retirement savings at less cost. You effectively get back what ever your marginal tax percentage is. So, if you pay 45% tax then you receive 45 cents for every rand you save. You can make a top up to the maximum limit before the end of February 2019.

Capital gains tax
If you are planning to sell off an investment such as a uint trust or gold coins, then take full advantage of your exemption on capital gains tax by selling off your assets over different tax years. You could sell before the end of the tax year inFebruary 2019 and then in March 2019 at the start of the new tax year. This way the disposal of the assets gets a double deduction. The current inclusion rate on CGT is R40 000 per annum. You should e-file your return before the 31 October 2018.