Ever wonder why ABBA wore those outrageous outfits on stage? Turns out it wasn't just for show.
In 2014, the band revealed that the Swedish tax code allowed them to write off those costumes as a business expense, but only if they were too ridiculous to be worn off-stage.
This fun piece of tax trivia is a perfect example of how knowing the ins and outs of tax implications for your investments can lead to unexpected benefits. This is especially true for your retirement income when it comes to reducing estate duty and income tax.
As you approach retirement, stepping back from the family business or selling it altogether might be on your mind. However, navigating the financial landscape during this transition requires careful planning, especially if you want to minimise the tax burden and preserve wealth for future generations.
In this article, we'll explore how Section 10C of the Income Tax Act can help you reduce estate duty and income tax by illustrating how to take advantage of tax-exempt income from your living annuity until previously disallowed contributions are depleted, creating a financial legacy for your heirs while ensuring you enjoy a tax-efficient retirement.
Whether you're a farmer looking to pass the torch to your children or a business owner considering the sale of your company, understanding how to leverage tax benefits can be a game-changer in your retirement planning strategy.
What is Section 10C of the Income Tax Act?
Denne historien er fra October 14, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 14, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Engineering assets to go
TIMED AUCTION: MACHINERY, EQUIPMENT UP FOR GRABS
Sewage at Cradle of Humankind
'STOP': INFRASTRUCTURE COLLAPSE SEES MUNICIPALITY RELEASE RAW WASTE INTO VAAL
SA food insecurity deepens as inflation bites
The number of people in South Africa able to meet their minimum nutritional needs slipped last year, as a weak economy and inflationary pressures hit households and deepened food insecurity.
SA actress on a wild ride in 'The Penguin'
MARIE BOTHA: BOEREMEISIE’ HITS BIG TIME-AND LOVES IT
At our pets' beck and call
Let's face it: somewhere along the way, pets stopped being just animals and became full-fledged members of the family.
China, Myanmar have least internet freedom in world
Washington - Myanmar and China have the world's worst internet freedom, with declines reported in a number of other countries, led by Kyrgyzstan, a study said this week.
Pretoria varsity probes EFF students after 'clear call for violence'
The University of Pretoria (UP) is investigating an incident in which members of the EFF Student Command (EFFSC) chanted the Kill the Boer song during their leader Julius Malema’s public lecture last week.
1 in 4 teenagers addicted to booze
STUDY: 26% OF KIDS GET FIRST DRINKS AT HOME’
Portrait by humanoid robot on sale
SOTHEBY’S: ONLINE AUCTION TO EXPLORE THE INTERSECTION BETWEEN ART, TECHNOLOGY
Vest made famous by rapper Stormzy sold for R16m
A stab-proof vest decorated with a union jack flag created by British street artist Banksy, similar to one worn by hip-hop star Stormzy at the Glastonbury Festival, sold in London for £780 000 (about R16 million) this week.