To recap, here is the rules to #75Hard

1. If you fail a day, you have to start over
2. Stick to a diet, no cheat days, no alcohol
3. 4l of water a day
4. Two 45 min workouts a day, one must be outdoors
5. Read 10 pages of a non-fiction book
6. Take a progress picture
I'm on day 10 currently.

Observations:
1. Waking up early to do the outdoor workout makes it easy to complete the first of two workouts.
2. Bonaqua Pump 750ml water bottle is excellent for this challenge.
3. Read your 10 pages early
People seem to think that two workouts a day is hectic, but here's my workout schedule:

Daily: 45min run/walk
Mon: JiuJitsu
Tue: Kettlebell
Wed: Yoga
Thu: Kettlebell
Fri: JiuJitsu
Sat: Yoga
Sun: Kettlebell
If you use the habit stacking hack by @JamesClear

This is what the routine would look like:
Morning outdoor workout w/ bottle of water; then
Read 10 pages w/ bottle of water

After work:
Indoor workout w/ bottle of water; then
Take progress photo
I'm personally issuing the #75Hard challenge to:
@IvanBreytenbach
@Tristands_
@BTBoekkooi
@MohauSam

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with André Bothma

André Bothma Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @AndreBothmaTax

Jan 12
THREAD!!! Capital Gains Tax 101 on immovable property aka house/flat etc

Disposal (most commonly the sale) of an asset has Capital Gains Tax consequences

The basic calculation:
Proceeds (how much you sold it for);
less Base Cost (how much you bought it for)
= Capital Gain/Loss
The next step is to determine four key details:
1. In who's name is the property and is there an in community of property involved
2. How long was the property owned for
3. How long the owner stayed in the property
4. How long the property was rented out or used for business
Example 1: Mrs X sold a property for R 3.5 mil; she bought it for 2mil; property was in her name; she stayed in the property for the whole time.

Proceeds: 3.5m
Base cost: 2m
Capital Gain: R 1.5m
less Primary residence exclusion R 2mil (limited to 1.5m)
Therefore, no CGT
Read 8 tweets
May 19, 2022
One of the more frequently asked (business tax) questions I get is: What can I expenses can I claim?

This thread should give you some guidance / direction

[Thread]
Let's start off with: Who can claim business related expenses?
Let's look at the Income Tax Act (ITA)
S11(a) - It must carry on a trade, but prohibits
S23(m) - Employment

In laymen's terms: Business expenses can be claimed by taxpayers carrying on a trade, but excludes employees
Note that it doesn't exclude individuals (only employees).
Individuals that earn rental income, runs a sole proprietorship or derives mainly income (more than 50% of their income) from commission and/or independent contracting income, all may deduct business related expenses.
Read 14 tweets
May 18, 2022
Life is a big giant MMO - going into a dungeon you have 3 roles:
- Tank
- DPS
- Healer

In order to win, you need to know your role (most people are hybrids) and how you fit in.
In the popular MMO - World of Warcraft, players will often prefer a particular role: Tank (take damage / hold aggro), DPS (kill and try to stay alive) and healer (keep the group alive with healing spells).

In life however, everyone will fulfill each of these roles.
Tank: The role of the tank is to take damage and to hold "aggro".

Aggro is problems / enemies.

Good tanks are problem solvers.

Bad tanks let their problems and issues overwhelm them.
Read 12 tweets
Mar 30, 2022
There are 3 main categories of tax:

1. Tax compliance (fixing the past)
2. Tax planning (preparing for the future)
3. Tax provision (saving yourself)

[Thread]
1. Tax compliance is the most basic function of an tax person. They simply make sure that your historical returns are submitted and kept up to date.

Tax compliance doesn't help you pay less tax - it simply keeps you up to date.
2. Tax planning is auxiliary to compliance, provided by the tax person (hopefully). It allows you to plan your tax plans for the future to ensure you pay less tax.

Good tax planning can't fix bad compliance, but will save you on future taxes.
Read 9 tweets
Feb 3, 2022
Tax thread time: Get your popcorn.

Taxes on gigs outside of employment. Here's a necessary evil that needs to be addressed.

Everyone will till you: Multiple streams of income!
But what they forget to tell you is: Multiple streams of tax!
1. Let me set the stage: You've landed yourself a nice job with a nice tax bracket to go with it. Say that bracket for our example is 41% (750k to 1,5m per annum of income).

We already know that the effective tax rate on 41% is closer to 29 - 32%...
2. But what about that apartment you're renting out as a side hustle? What about the pineapple beer that's making a killing? What if you do some consulting on the side?

The profits are not taxed at your effective tax rate.
It's taxed at your bracket.
41%.
Read 15 tweets
Jan 13, 2022
Thread on bonuses and other windfalls (via employment) like share options and commission.

Getting a bonus is fun. But losing almost half your bonus to tax isn't fun.

Here's why it happens and what to do about it.
1. The salary is annualised;
2. The tax on the full annualised salary is calcuted;
3. The tax is then divided by 12 to get to the monthly PAYE to be calculated.

It's important to note that the annualised salary only takes into account THAT month (not other months).
Example: Mrs X get's a monthly salary of 30k

1. Annualised salary: 30 x 12 = 360k
2. Tax on 360k = 61.7k
3. 61.7k / 12 = 5.1k PAYE

Gross salary: 30k
Nett salary: 24.9k
Read 11 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(