The 29th of February marks the end of the financial year. All information up to this date will be included in your 2019/20 tax return, including all tax deductions. So, make sure you have taken advantage of all those tax perks before the end of the month.

Top-up your retirement fund

You can invest up to 27.5% of your income (to a maximum of R350 000) tax free into a retirement fund. This is a great way to reduce your tax burden while securing your retirement. Calculate how much more you can top up your retirement fund to maximise your tax benefit.

Use your R33 000 for tax-free savings account

You are allowed to save up to R33 000 each tax year into a tax-free savings account. Any interest, dividends or capital gains earned in a tax-free savings account are tax exempt, so maximise this benefit by paying in a lump sum this month.

12J Investments

If you have R100 000 to invest and looking for some tax relief consider investing in a Section 12J Fund. This is a tax incentive by government to encourage investment into certain sectors such as hospitality, student accommodation and renewable energy. Any upfront investment is fully tax deductible, however, the investment must be held for at least five years and incurs capital gains tax on exit.

Assess your capital gains tax

If you are planning on selling assets such as shares or unit trusts, by phasing the sale over February and March, you spread the capital gains over two financial years and benefit from the R40 000 CGT exemption per tax year.

Also remember to record your odometer reading for travel expenses and to file all those expense claims and receipts.

Save your money and save on tax.