[imagesource: Flyt]

There comes a time in life when discussions around the braai, or over dinner, turn towards adult topics like which mattresses offer the best back support, and how to get a foot in the property investment market.

I wish you luck with the first topic – my advice would be don’t skimp, because that is bound to come back to haunt you.

As for the second, Capetonians have grown used to seeing a hole in the ground marketed as ‘quaint’, with a seven-figure price tag attached, so it can all be a little daunting.

There’s a great deal of buzz around Section 12J of the Income Tax Act, however, and that’s worth a closer look.

What is Section 12J then? This from Flyt Property Investment:

Section 12J of the Income Tax Act – the most efficient tax saving tool, provided by SARS and Treasury that allows you to hold on to your tax cash while investing it wisely…

SARS has written Section 12J into the Tax Act, which offers taxpayers a 100% tax deduction in the year of investment if they invest in SMMEs by way of subscription of shares in a Section 12J Venture Capital Company.

Flyt’s Section 12J compliant property developments give investors the full 12J tax deduction, allowing them to put this saving/refund towards their property purchase.

This means that SARS will effectively fund up to 45% of the purchase price of the property.

In real layman’s terms, you can get a tax refund of up to R450 000 for every R1 million invested in Flyt’s Section 12J compliant property developments in Cape Town and Stellenbosch.

The developments are Quivertree in Stellenbosch, Wink Foreshore in Foreshore, and Eaton Square in Diep River.

For those who don’t have the cash to invest themselves, no biggie – there is also 100% finance available.

The tax year ends February 28, 2021, so if you want to get in on this tax cycle, the clock is ticking.

If you would like to find out more, submit your details here, and somebody from Flyt will be in touch to discuss all of the in and outs with you.

Now, about that mattress with the ample back support…

[source:flyt]