Some of my social hobbies are: Jiu Jitsu, braai, Dungeons and Dragons, beer
At home hobbies: Gaming, reading, creating videos
6. If you're in an entry level position, build a good relationship with someone more senior. You'll learn a lot.
If you're in a senior level position, build a good relationship with someone more junior. You'll also learn a lot.
7. Become really good at a skill that isn't your day job.
- Copywrite
- Coding
- Cooking
- Crying
8. Corporate functions are boring, but still attend them - it could be a potential door to go through.
9. If you can build relationships, you've already taken the next step in your career.
You never know who's going to be the one who might rely on you and vice versa.
10. Moving jobs is often better than staying too long at one place - my salary nearly tripled when I moved to Cape Town.
11. People quit their bosses/managers, not their jobs.
If you're a boss or manager, consider whether you're the potential problem.
At one company me and my colleague quit the same day. The tax manager was the only one left in that tax department
12. Don't look for a career. Find a way to get paid by cross combining the various skills you have.
Rapper + Comedian = Stand up comic that raps his jokes (best example)
Finally, find ways to teach people what you know.
Teaching is proof that you know your subject and it shows a willingness to share.
There's a reason why Gordon Ramsey has YouTube videos and writes cook books - because he's not scared of losing his precious IP.
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(Thread): How to claim Working from Home (as an employee) for the 2021 tax return.
1. What you'll need: 1.1 Square meter of your home and home office, for example: 100m2 and 10m2. This will give you a percentage: 10/100 = 10% 1.2 Letter from your employer stating that you were working MAINLY from home from x date to y date. 1.3 Bank statements / bond statements
2. Your homework:
2a) Summarise the following: Rent / interest paid on bond; water & elec; telephone; internet; stationary; cleaning; office equipment = say this is in total 150k
2b) Work out the 10% home office component of it. 10% of 150k is 15k
Prepare for the 2021 tax season: 1. Dig out your eFiling login details, 2. Grab your income/deduction sources:
IRP5s for salary,
IT3B/IT3C for investment
RA cert for RA
Logbook for travel
Medical cert for medical etc 3. Request the 2021 tax return on or after 1 July
(Thread)
4. Compare the numbers on the 2021 tax return to the numbers on your own supporting documents (don't simply accept SARS info)
5. Click calculate on the 2021 tax return, to get an idea of any tax you might get back or have to pay SARS (the calculator does not incl Prov Tax paid)
6. If you're confident in the numbers, click submit or contact a professional before you do. The submit button like running and jumping into a pool. You can't reverse the jump.
Mistakes are expensive to fix 7. Download the assessment and statement of account
[Thread] Before I take a bit of a break from Twitter, Section 12J VC companies are trying to get people to invest before 30 June 2021.
I'm here to warn you about them:
1. Section 12J investments are 100% tax deductible in the year that you make the investment...
2. But what they don't tell you is that if you sell the investment within 5 years of making the investment, the whole deduction must be added back as an income.
This can mean that in the year that it's added back, you'll have to pay back a huge amount of tax.
[THREAD] The one director, one shareholder, one employee company.
Perhaps you've heard that a company only pays 28% tax and got the bright idea to register yourself as a company, doing the same work, and only pay 28% rather than at the 45% tax bracket.
Bring your tissues...
Problem 1: How do you pay yourself? The money is yours after all.
Not really, it belongs to the company. Now you need to either pay yourself a salary (which you were getting in the first place) or dividends... And dividends is an after tax payment.
Problem 2: Dividend delusion. So you decide to take dividends because the tax is only 20%
Cute, but bad.
Say the company made 1mil profit, pays 280k in comp tax, and you pay yourself a dividend of 720k. 720k div @ 20% DWT = 144k
[Thread] As promised, here's my take on the tax implications and provisions in the Income Tax Act on cryptocurrencies. Credit to @SlwaneToYou for proofreading.
1. The Income Tax Act (the Act) defines cryptocurrency as a financial instrument, which means that the normal tax provisions within the act that applies to financial instruments will also apply to cryptocurrencies.
2. The reason why lawmakers have defined it as a financial instrument is that it can be used like a normal currency, but its value determined by market supply and demand. Unlike the Rand, R 1 today is R 1 tomorrow, but 1 Doge was $0.71 on Friday, and $0.41 on Sunday
Thread on emergency funds: Most of us know what an emergency fund is - it's a fund (usually savings in a separate bank account) which pays for financial emergencies (unemployment, car repairs, medical costs, a leaking roof etc)
Emergency funds are when Murphy comes to visit.
1. In our story, we were privileged to have received a great retrenchment package which basically covered 14 - 18 months of our living expenses.
Imagine what would've happened to us if we didn't receive this...
2. To put it into context, our emergency fund would have been depleted after just FOUR months.
My wife was unemployed for 9 months. Perhaps we would've needed to take out a personal loan, move out of flat to reduce our rent, and have a diet of beans on toast.