Friday, May 17, 2024

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It’s bonus time—but oh, the tax!

HOW DID the Grinch steal Christmas? In the beloved children’s story written in 1957 by Theodor Geisel, better known as “Dr Seuss”, we are introduced to this grouchy, solitary creature, the Grinch, who tries to cancel Christmas by stealing Christmas gifts and decorations from the homes of the nearby town of Whoville on Christmas Eve.

In the book, the Grinch realises that Christmas is not all about money or presents. Unfortunately, for the Grinches that work for the South African Revenue Service (SARS), it seems that Christmas is all about tax—especially when it comes to your hard-earned annual bonus!

Now to be fair, most people accept (albeit rather grudgingly) that since an annual bonus is part of one’s income, one can expect their bonus to be taxed. However, despite me writing a similar article on this subject every year, people are still

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