Save for the tax you will owe

Weekend Argus (Saturday Edition) - - PERSONAL FINANCE -

If you reg­u­larly owe money to the South African Rev­enue Ser­vice, you may want to set up an ac­count into which you save some money each month for the pur­pose of pay­ing your tax bill. If you are dis­ci­plined and have a home loan ac­count with an ac­cess fa­cil­ity, you could save the money into that ac­count, thereby sav­ing your­self some in­ter­est on your home loan. If the tax fil­ing sea­son ends as late as it did last year, you could have about 10 months to save to­wards your tax bill for the tax year that ends in Fe­bru­ary.

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