When you start working and earning a salary, you are most likely liable to pay tax. If you are working full-time, your company will probably pay your tax contribution on your behalf. However, if you run a side hustle, you may need to meet certain tax obligations. Retirement funds, endowments, and unit trust funds are also taxable. If you start at a new company, it is important to understand the tax implications of cashing in or moving your provident fund or retirement annuities.
For a lot of young people, especially those who are beginning to get a handle on their finances, tax filing can be a dreaded task, and strategic tax planning and your tax obligations as a young professional may seem like a major undertaking.
When you are at the start of your career, your tax obligations are straightforward. As you move to a new firm, start an entrepreneurial side hustle or purchase a rental property, it can become more complex. There are also tax considerations on your investments.
"I’d certainly suggest if you’re earning from multiple income streams, that you start to consider structuring your income in ways that it doesn’t only come through your personal liability. Doing your homework and consulting a tax professional is essential because ultimately, you own your own destiny." - Hiten Keshave, CA(SA) and Founder of The Unconventional CA.
For young professionals
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