Next month, two people you know are going to file their tax returns in the same week.

@zolangqisha

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Retirement Annuity

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Why it worked

The video uses a relatable scenario of tax returns and financial outcomes to highlight the importance of proper retirement annuity planning. By contrasting two distinct outcomes and offering a clear, actionable solution, it provides valuable financial advice in an engaging and easily digestible format.

Summary

The video contrasts two scenarios for tax returns: one person maximizes their retirement annuity contribution for a larger refund, while another, who guessed their contribution, faces unexpected tax liabilities. It advises viewers to properly plan their retirement annuity contributions to secure a better financial future.

Structure

1Introduce the two tax return scenarios.
2Explain the difference between the two outcomes.
3Highlight the importance of proper RA contribution.

Original caption

Next month two people you know are going to file their tax returns in the same week. One files smiling. The other opens a letter from SARS and feels their stomach drop. Same income, same tax laws, completely different outcome. The difference is not how much they earn. It is whether someone showed them how to use their retirement annuity properly before the year closed. The year you are about to file for is already closed, but this one is still open, and what you do now decides which of those two people you are next year. I am Zola Ngqisha, co-founder of Siyolise BlueStar, a premier financial advisory practice focused on serving the needs of black professionals, business owners, and entrepreneurs throughout South Africa and those working abroad, with more than fifteen years of experience in the financial planning industry. If you need help to maximize your allowable tax deduction by contributing into a retirement annuity, send me a DM or WhatsApp my office using the number in my bio. We will help you do the numbers instead of guessing, and make sure your RA is optimized for maximum growth over the long term. #taxseason #sars #taxrefund #retirementannuity #retirementplanning

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On-screen text

NEXT MONTH, TWO PEOPLE YOU TO FILE THEIR TAX RETURNS IN THE SAME WEEK. ONE OF THEM CLICK SUBMIT AND SMILE. THE OTHER ONE IS GOING TO FROM SARS, SEE WHAT THEY OWE AND FEEL THEIR STOMACH DROP. SAME INCOME, SAME SAME INCOME, SAME TAX LAWS, BUT COMPLETELY DIFFERENT OUTCOMES. ALMOST NOTHING TO DO WITH HOW MUTCH THEY EARN. LET ME TELL YOU SOMETHING ABOUT IS SMILING. LAST YEAR, THIS PERSON CAME TO ME. THEY HAD MONEY BANK ACCOUNT EARNING INTEREST, AND THEY DIDN'T UNDERSTAND THAT SARS WAS GOING TO TAX THAT INTEREST. THEY WERE PUTTING MONEY INTO A RETIREMENT ANNUITY, GUESSING THE AMOUNT, JUST PUTTING IN WHAT FELT COMFORTABLE. THEY HAD AN R.A. AND THEY WERE SORTED. BUT HERE'S THE THING, HAVING AN R A IS NOT ENOUGH IF YOU DON'T KNOW HOW TO USE IT PROPERLY. SO WE SET DOWN, WE DID THE NUMBERS, WE WORKED OUT EXACTLY HOW MUCH THEY WERE ALLOWED TO CONTRIBUTE TO THE RETIREMENT ANNUITY MAXIMUM TAX REFUND POSSIBLE. NOT A GUESS, THE ACTUAL NUMBER. AND THAT IS WHY THIS PERSON GET A REFUND THIS YEAR, A PROPER ONE. NOW, HERE'S WHAT MOST PEOPLE DO WHEN THAT REFUND COMES THROUGH. THEY SPEND IT. FREE MONEY, RIGHT? END OF THE MONTH, IT'S GONE. BUT WE ARE GOING TO DO THAT AT LEAST NOT MY CLIENTS. WE ARE GOING TO TAKE SOME OF THAT REFUND INTO A TAX FREE SAVINGS ACCOUNT WHERE IT GROWS AND SARS CANNOT TOUCH IT. AND IF YOU DIDTHN'T GET THE CHANCE TO MAX THIS YEAR, WE PUT SOME OF IT BACK INTO THE R.A. SO THAT NEXT YEAR YOUR REFUND IS EVEN BIGGER. YOU SEE WHAT IS HAPPENING HERE, RIGHT? THE REFUND PAYS FOR THE NEXT REFUND. NOW THINK ABOUT THE OTHER PERSON, THE LETTER AND OWING SARS. THAT PERSON IS NOT BEING PUNISHED BECAUSE THEY DID SOMETHING WRONG. THEY ARE BEING PUNISHED BECAUSE NOBODY EXPLAINED THIS TO THEM. THEIR MONEY WAS WRONG PLACE. THEIR R A WAS A GUESS. AND BY THE TIME THAT LETTER FROM SARS ARRIVES, IT'S TOO LATE TO DO ANYTHING ABOUT IT. SO HERE'S WHAT TO HEAR. YOU HAVE A CHANCE RIGHT NOW TO DECIDE WHICH PEOPLE YOU ARE GOING TO BE NEXT YEAR. IF YOU NEED HELP TO MAXIMISE YOUR ALLOWABLE TAX REFUND BY CONTRIBUTING INTO A RETIREMENT ANNUITY, DM OR WHATSAPP MY OFFICE USING MY BIO. TO HELP YOU DO THE NUMBERS INSTEAD OF GUESSING. AND MORE IMPORTANTLY, SURE THAT THE R.A. IS OPTIMISED FOR MAXIMUM GROWTH OVER THE LONG TERM.

Transcript

Next month, two people you know are going to file their tax returns in the same week. One of them click submit and smile. The other one is going to from SARS, see what they owe and feel their stomach drop. Same income, same same income, same tax laws, but completely different outcomes. Almost nothing to do with how much they earn. Let me tell you something about is smiling. Last year, this person came to me. They had money bank account earning interest, and they didn't understand that SARS was going to tax that interest. They were putting money into a retirement annuity, guessing the amount, just putting in what felt comfortable. They had an R.A. and they were sorted. But here's the thing, having an R A is not enough if you don't know how to use it properly. So we set down, we did the numbers, we worked out exactly how much they were allowed to contribute to the retirement annuity maximum tax refund possible. Not a guess, the actual number. And that is why this person get a refund this year, a proper one. Now, here's what most people do when that refund comes through. They spend it. Free money, right? End of the month, it's gone. But we are going to do that at least not my clients. We are going to take some of that refund into a tax free savings account where it grows and SARS cannot touch it. And if you didn't get the chance to max this year, we put some of it back into the R.A. so that next year your refund is even bigger. You see what is happening here, right? The refund pays for the next refund. Now think about the other person, the letter and owing SARS. That person is not being punished because they did something wrong. They are being punished because nobody explained this to them. Their money was wrong place. Their R A was a guess. And by the time that letter from SARS arrives, it's too late to do anything about it. So here's what to hear. You have a chance right now to decide which people you are going to be next year. If you need help to maximise your allowable tax refund by contributing into a retirement annuity, DM or Whatsapp my office using my bio. To help you do the numbers instead of guessing. And more importantly, sure that the R.A. is optimised for maximum growth over the long term.