Financial fitness

By this time of year I am certain that you are starting to look forward to the festive season, holidays, family and all things jolly! Work has been busy; life has been even busier so when the end of the year approaches we are mostly ready for some downtime and relaxation.

- Kim White

JUST BEFORE YOU GO into total relax mode I want to take this opportunity to urge you to spend some time on your own financial health. In much the same way as one takes care of their health and fitness, there's time spent on planning our meals, our strength training, our cardio programs and then we also take time to review our progress thus far.

Warren Buffet said, "Someone's sitting in the shade today because someone planted a tree a long time ago."

These sentiments are so true and they really got me thinking. Now is the time to take stock and to financially arm ourselves in such a way that 2018 is the year that we make leaps of financial progress and reap the benefits of thinking smart.

If you haven't already submitted your personal tax return, the deadline for submissions to SARS is 24 November for non-provisional taxpayers and 31 January for provisional taxpayers.

SARS have provided that you don't need to submit a tax return for the year if your total gross salary is less than R350 000, provided that:

• You only have one employer (If you have two employers or income sources e.g late spouse/partner pension income, exam markings income, rental income, moonlighting income etc. You do need to file even if the total is still under R350000.)

• You have no car allowance or other income (e.g interest or rent).

• You are not claiming tax-related deductions (e.g medical expenses, retirement annuity contributions, travel expenses, etc).

• You received interest from a source in South Africa not exceeding: