FINANCE •
4. Plan for the long-term
• Understand tax on investments: Local interest earned up to R23 800 per year( for individuals under 65) is tax-free. Above this, interest is taxable, so use TFSAs and retirement funds for optimal tax efficiency.
• Balance flexibility and deduction: TFSAs offer withdrawal flexibility, while retirement funds provide larger upfront deductions but are taxed on withdrawal. A balanced approach is often best for executives with evolving financial needs.
5. Avoid common pitfalls, stay informed
• Missing tax deadlines: Late filing or tax payments lead to penalties and / or interest and can impact your financial standing as well as your professional reputation.
• Overlooking deductions: Many executives miss out on deductions due to a lack of awareness – it is important to stay informed and proactive.
• Not seeking expert advice: Tax law changes frequently. Due to the ever-changing tax landscape in South Africa, the cost of getting it wrong makes it advisable to obtain and retain the services of experienced tax advisors who can assist you with meeting your tax compliance obligations and make the most of tax planning opportunities. Engage a registered tax practitioner with experience in executive compensation.
6. Keep meticulous records Maintain all supporting documents( IRP5s, medical certificates and proof of contributions) for at least five years. SARS may request these during an audit and strong record-keeping is a hallmark of effective tax risk mitigation.
7. Know your tax status, compliance obligations Mining executives often receive compensation packages that include salary, bonuses, allowances and share options. It’ s crucial to understand your tax status and ensure all income streams are correctly declared. Register as a taxpayer with SARS if your earnings exceed the annual threshold and file returns on time – even if PAYE is deducted by your employer. Late or incorrect filings can result in penalties and reputational risk, especially for leaders in high-profile roles.
Conclusion Smart tax management is about using every legal tool available to you. As a young female mining executive, you have several opportunities and responsibilities to optimise tax efficiency and improve your financial position. By leveraging retirement funds, TFSAs and all available deductions, you can legitimately reduce your tax burden, accelerate your financial growth and set an example for others in the industry.
For tailored advice, consult a registered tax practitioner.
Source: supplied by Forvis Mazars
Many executives miss out on deductions due to a lack of awareness, stay informed and proactive. www. africanmining. co. za African Mining Publication African Mining African Mining • January 2026 • 69