WHENEVER you consider putting away savings, perhaps for a rainy day or as part of your overall budgeting, you should make sure you get all the tax allowances you are entitled to.
Making tax-efficient savings is essential and it should be part of your entitlement to a sound and healthy financial future.
Different countries have different tax regimes, so get financial advice that is appropriate for where you live.
Don't just rely on what you read on the Internet. Speak to someone who is trained in the provision of financial products in the country. Speak to someone who is qualified and up to date with local financial law.
Professional and informed financial advice is often available to customers at no cost from banks so these should be a first stop towards tax-efficient savings.
Just remember that you are likely going to be sold a financial product by your bank, so consider whether the financial advice you receive is impartial and in your best interest.
Another good source of reliable financial advice is your government. Libraries and other municipal and official outlets might have free tax leaflets and tax publications that offer up-to-date information on entitlement to tax-efficient ways of saving money.
The government also publish tax guides and information about tax matters to the Internet, so this is another place to check .
Tax-efficient savings plans should take into account your total income, personal circumstances and what tax allowances you are entitled to and whether there are some tax allowances you can still claim.
It might make sense to start a new savings plan that is more tax efficient rather than contribute to an existing plan.
Saving for a pension can often be a great way to ensure you are saving efficiently under whatever tax regime. The South African government offers tax incentives to anyone prepared to save for old age and retirement.
Do your research, get sound financial advice you can trust and put some retirement money away early in your career.
Tax-efficient savings are an important way of making sure you maximise the amount of money you save and also to ensure that you do not needlessly pay more tax than you need to - who wants to do that?
Seek tax-efficient ways to save money
WHENEVER you consider putting away savings, perhaps for a rainy day or as part of your overall budgeting, you should make sure you get all the tax allowances you are entitled to.
Making tax-efficient savings is essential and it should be part of your entitlement to a sound and healthy financial future.
Different countries have different tax regimes, so get financial advice that is appropriate for where you live.
Don't just rely on what you read on the Internet. Speak to someone who is trained in the provision of financial products in the country. Speak to someone who is qualified and up to date with local financial law.
Professional and informed financial advice is often available to customers at no cost from banks so these should be a first stop towards tax-efficient savings.
Just remember that you are likely going to be sold a financial product by your bank, so consider whether the financial advice you receive is impartial and in your best interest.
Another good source of reliable financial advice is your government. Libraries and other municipal and official outlets might have free tax leaflets and tax publications that offer up-to-date information on entitlement to tax-efficient ways of saving money.
The government also publish tax guides and information about tax matters to the Internet, so this is another place to check .
Tax-efficient savings plans should take into account your total income, personal circumstances and what tax allowances you are entitled to and whether there are some tax allowances you can still claim.
It might make sense to start a new savings plan that is more tax efficient rather than contribute to an existing plan.
Saving for a pension can often be a great way to ensure you are saving efficiently under whatever tax regime. The South African government offers tax incentives to anyone prepared to save for old age and retirement.
Do your research, get sound financial advice you can trust and put some retirement money away early in your career.
Tax-efficient savings are an important way of making sure you maximise the amount of money you save and also to ensure that you do not needlessly pay more tax than you need to - who wants to do that?
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