Contributions towards retirement fund

Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year). This limit applies to the total contributions you make to any pension, provident or retirement annuity (RA) fund during the year. 

Medical Expenses 

If you contribute to a Medical Aid, you will receive a fixed monthly tax credit of R332 for you as the primary member, a further R332 for your first dependent and R224 for each of your additional dependents. SARS calls this rebate the Medical Schemes Fees Tax Credit. 

Giving to Charity 

If you’re a generous soul who likes to support a charity, you’ll be pleased to know that any donations given to registered Public Benefit Organizations are tax deductible up to a maximum of 10% of your taxable income. 

Wear and Tear on personal assets

If you’re using a device (e.g. laptop or cell phone) purchased and maintained in your personal capacity for work, you may be able to claim the depreciation on the device as a tax deduction. 

Home Office Expenses 

If you’re a salaried employee, but work mainly from home in a specifically dedicated space, e.g. a study or office area not used for any other purpose, you may be able to claim certain running costs associated with that space.

Home office expenses can be a tricky one to justify, so read our blog for further details and also check here to see if and what you qualify to deduct.  

Travel Claim

If you receive a travel allowance from your employer or drive a company car, you may be able to claim travel expenses as a tax deduction, provided you keep an accurate, detailed logbook of all business-related travel as well as expenses e.g. fuel, oil, service costs, license and insurance. 

Please make use of our Travel Deduction Calculator to see the amount of the travel deduction you can claim. 

Commission expenses (only for commission earners!)

If you are a commission earner then SARS will allow you to deduct all of your commission related expenses against your commission income (e.g telephone, stationery, employee costs). You will need to provide SARS with proof, so keep those invoices handy.

For further details on how to claim these tax breaks, please contact ExtraStar Solutions.