February is the month that those of us who are provisional taxpayers have to pay our second payment of the 2024 tax year. To avoid a penalty we are supposed to be within 80% of what your total income will end up being. And then of course you hopefully kept the cash aside to pay the state coffers.
It is also the month to add a lump sum to your retirement annuity if you have not taken full advantage of your 27% allowance against your taxable income during the year. It’s a worthwhile thing to do because you will reduce your taxable income and be saving more. If you are a monthly paye earner, you will get a present in the form of a refund later in the year when you do your tax return. But again, you will need the cash hanging around somewhere to do it.
This is also the month for those of you who make use of a travel log for SARS – we must remember to write down the odometer reading on the 29th. (I see we’re having a leap year this year)
So it’s a bookkeeping month for some of us.
All the best to anyone swimming the Midmar Mile this weekend. There is a road around the dam that can be used…. or you could take a canoe…. or sail a boat. Says he who has swum about eight of them.