Financial services group 10X Investments is offering R1 million in bid to wake South Africa up to its deepening retirement crisis.
‘Black tax’ – an individual and community approach intended to help previously disadvantaged South Africans financially sustain themselves – is proving to be a barrier to advancement for many working South Africans.
The second 10X Retirement Reality Report (RRR19) reveals the worsening state of South Africa’s private retirement savings crisis and its pending impact on government resources in the coming years.
Between July and the end of the year, taxpayers should complete their tax forms and submit them to the South African Revenue Service (SARS).
Tax filing season kicked off this month, so it is too late now to better this year’s return, but there is a way to make next year’s filing that much sweeter while also taking care of your future self, says Mica Townsend, business development manager at 10X Investments.
The recent announcement by Sars that it is increasing its tax-filing threshold from R350,000 to R500,000 may sound like a tax break of sorts for those in certain income brackets, but it’s not quite as simple as it sounds. In fact, for those who misread the announcement as an increase in the tax threshold, there may be serious disappointment and maybe even trouble on the horizon.
As tax filing season gets under way it’s worth remembering that you will most likely need a tax number, even if you are not required to file a tax return. Besides, registering for tax paves the way for future opportunities, says Stephen Hartzenberg, product architect at 10X Investments.