Johannesburg – It is often said in this world nothing can be said to be certain, except death and taxes.
One of the ways to strengthen your finances is to overcome your fear of taxes.
John Manyike, the head of financial education at Old Mutual, said thousands of South Africans enter the workforce without being tax literate.
“The truth is that mastering the basics of paying taxes will empower you to manage your money better, and help you find perfectly legal ways to save money too.
Include taxpaying in your financial planning and take charge of your financial future,” he says.
Manyike provides some of the following guidelines to get a hang of your taxes:
• Learn how to check a payslip and how PAYE and other deductions work
• Know how to check that the PAYE rate you are paying is correct
• Know what income reportable and which expenses are deductible, and why this is the case • Understand how to complete and submit a tax return form
• Know how to claim a refund if you’ve been overtaxed, and remember you can only claim a tax refund if you are registered as a taxpayer
• These guidelines do not constitute financial advice.
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