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See to your tax woes without a consultant
IF YOUR tax woes are too small for a tax consultant but big enough to give you sleepless nights, there is help.
Deloitte & Touche's Pay Less Tax 1999-2000 (Fernwood Press) was written for individuals and small-business owners who struggle to understand their tax obligations and who want to structure their tax affairs efficiently.
The complexity of our tax law causes many a taxpayer to pay more tax than is necessary. This book, now in its 12th edition, aims to familiarise you with the tax system and help you pay less tax by providing valuable tips.
It is an easy-to-read book, made even more user-friendly this year through the use of icons which highlight important points.
There is, for example, the warning sign icon. It points out possible pitfalls and makes the reader aware of other important tax considerations. And where you see a piggy bank icon, there is a section on important hints and suggestions that may help you save tax.
Really useful are the practical examples accompanied by easy-to-follow calculations. If, for example, you have been left confused on how to claim your deduction for business travel against your travel allowance, the calculation in the book will guide you through the process and the various options.
Co-author Des Kruger says the book is updated every year because of the changing tax environment.
This edition, for instance, includes a separate chapter on the taxation of foreign income. The chapter explains how foreign income earned by South Africans is taxed and what foreign tax credits are available. Double taxation agreements are also discussed, as well as how some nifty planning can reduce your tax on foreign income.
The book takes the individual taxpayer through the tax process step by step, from registering as a taxpayer to calculating your annual liability.
The chapter on the tax-planning process, for example, will provide you with valuable tips on how to minimise and defer taxes legally.
And if you need to be guided through the process of structuring your salary package, chapter 8 is for you.
There are four chapters exclusively directed at you and your business. This section explains, among others, the deductions and allowances which a business may claim in order to reduce its taxable income.
Two chapters are dedicated to retirement planning and the tax concessions available to you when you retire.
The book also deals with tax-efficient forms of investment, estate duty and the importance of estate planning, and the use of foreign trusts in income tax planning.
Pay Less Tax is available from leading book stores and sells for R74.95.
Twenty readers can win themselves a copy of this very useful tax book. Send a postcard with your name, postal address and contact telephone number to:
Pay Less Tax
Helco Promotions
PO Box 5077
Rivonia
2128
The deadline for entries is Friday, February 25.
If your name is drawn, a copy of Deloitte & Touche's Pay Less Tax 1999-2000 will be posted to you.
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