At the end of the current tax year my taxable income will exceed R1.5 million largely due to income from an employee share option scheme. My income comprises salary only. And from the normal statutory deductions I contribute to a retirement fund and retirement annuity. Apart from maximizing my contribution to retirement funds, how else could I reduce my tax liability?
Unfortunately, SARS won't allow you to claim any further deductions other than retirement, medical, accounting fees (if you pay a tax practitioner to do your tax return submission) and wear and tear (should you use your personal assets such as mobile phone, laptop, pc etc.) and home office expenses (if you work from home at times).
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