We have just more than a week left to conclude on transactions necessary to claim for the 2015 – 2016 tax year.

This does not mean that it’s your deadline to submit your tax returns as tax season begins in July only.

It simply means that you are assessed from March 1, 2015 to February 29, 2016 so you have limited time to process any transactions that you may claim when the tax season begins.

This includes contributions to retirement annuities, pensions funds, donations made to any Section 18 status recognised charity organisations, your medical aid contributions, out of pocket medical expenses and personal assets used for the production of income.

Do for instance, if you are a business owner you are allowed to claim back 15 percent of your salary that was contributed to a retirement annuity.

So if you earn R600 000p/a and deposit R90 000 into your RA before February 29, 2016 you will be allowed this deduction and will have a nifty tax free savings that’s protected from creditors.

Consult with your tax pocket guide for all other allowable deductions for the above mentioned transactions.

This is your opportunity to score from the South African Revenue Service (SARS) and reduce your taxes; so don’t delay.

Speak to your accountant about the maximum tax deductions you are entitled to take advantage of and contact your planner to advise you further and conclude your investment.

To ensure there are no delays due to the limited time, ensure the funds are paid via electronic transfer.

If the transaction is concluded on March 1, 2016 onwards, then the claim can be assessed for the 2016-2017 financial year.