The financial year ends on February 28.

Sadly, 2021 will continue, having already shown that it has little to no intention of being an improvement on the year that came before.

On we soldier, and one way to put a silver lining on the year is to ensure that you’re claiming all of your tax back for the 2020/2021 tax period.

One of the most effective ways to do this requires you to act now, before that February 28 deadline passes, and centres on the Section 12J of the Income Tax Act.

That means you have less than three weeks to get moving, so scrawl this one down the top of the to-do list.

Although the incentive applies to all income tax and capital gains tax, it is THE ONLY WAY to ensure PAYE earners (earning up to R2,5 million a year) can claim all of their taxes back, and leading the charge is Flyt Property Investment, which saved clients a cool R50 million in tax last year.

Section 12J aims to help the growth of small and medium-sized businesses by increasing their access to equity finance, but here’s why it’s great news for you:

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.

I get it, you read the above and your eyes glazed over, because it sounds like a lot to take in.

Put really simply, this means 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.

You only need to submit a few details here and somebody will be in touch to guide you through the ins and outs.

At present, Flyt has three developments – Quivertree in Stellenbosch, WINK Foreshore in Foreshore, and Eaton Square in Diep River.

Your money goes into a stable asset, like the trendy Quivertree development, and you maximise your tax back before year-end.

Flyt is already 50% oversubscribed on its Partnership development in the Cape Town CBD – WINK Aparthotels – and to keep up with demand, is launching a new Partnership Fund which will combine units from Eaton Square (Southern Suburbs) and Quivertree (Stellenbosch).

For those who don’t have money for the initial investment on hand, there’s also 100% financing available through Flyt.

To stay informed, you can take part in weekly Zoom webinars, where experts guide you through the Section 12J process, although the quickest way to get moving on these savings is to fill in this form.

A helping hand from the taxman doesn’t come around often, so this really is worth looking into.