Tax | couple working on their tax submission

01 Apr 2022

Be aware of these tax obligations as a young professional

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. 

As a South African, you can take advantage of tax-free savings and investments. There are also ways to become more tax-efficient. 

 

Watch the video

 
Dr Sivuyile Madikana hosts this episode of In conversation for young professionals. He is joined by Johanci Meintjes, Tax & Fiduciary Specialist at Investec Wealth & Investment, and Hiten Keshave CA(SA) and Founder of The Unconventional CA.
 
Dr Sivuyile Madikana hosts this episode of In conversation for young professionals. He is joined by Johanci Meintjes, Tax & Fiduciary Specialist at Investec Wealth & Investment, and Hiten Keshave CA(SA) and Founder of The Unconventional CA.
  • Skip ahead

    [00:55]  What do you need to know about tax?

    [01:35]  What are the tax complexities that you need to know?

    [03:07]  What tax implications are there when you change jobs?

    [05:04]  How will your side hustle impact your tax?

    [06:33]  What's the best way to be tax efficient when you have multiple streams of income?

    [07:42]  Important tax implications to consider when you have property

    [09:56]  How much is taxed from your investments?

    [11:15]  How do tax-free accounts work?

    [12:58]  Tips to help you win at tax

    [14:35]  How does tax impact my estate planning?

    [15:34] What are the tax implications when moving abroad (short or long term)?

Listen on the go

Dr Sivuyile Madikana hosts this In conversation for young professionals tax podcast.

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.

The panel shares practical insights and tax tips with young South African professionals. 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.

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