Earlier this year, I received messages from investors lamenting that they missed the deadline to apply for a pension and take advantage of the tax benefit. The deadline seems far away, as it ends at the end of the year. However, it is important to plan now, as it implies a rebalancing of your portfolio. I explain below what to consider.
You’ve probably heard that some companies pay almost nothing in taxes or, sometimes, even receive from the tax authorities. We tend to think they are doing something wrong. But, this is a foregone conclusion. This is because they carry out good tax planning. What many people don’t know is that, annually, the Government offers a golden opportunity to those who receive taxed income for them to earn more than 12% of their salary back. You can also benefit from planning.
I’ll leave it for another time to comment on the additional benefits. But, I will illustrate one of them that is undeniable.
Assume that you earn BRL 120,000 in taxable income for the year.
Everything you earn over R$56,000 per year is taxed at the maximum rate of 27.5% per year.
You have a limit for the deduction of income to be taxed on investments in PGBL-type pension plans. This limit is 12% of annual income.
Thus, 12% of R$ 120 thousand will result in R$ 14.4 thousand. This is the amount you should contribute to PGBL-type pension plans this year.
When you contribute, you have two advantages: postponement of the payment of the IR and reduction of the tax burden.
Postponing the IR payment allows you to earn income on this amount. In this example, you would postpone the payment of BRL 3,960.00 (= BRL 14,400.00 * 27.5%).
On this deferred amount, consider that you earn an income equivalent to the average CDI rate of the last 20 years, which was 11.3% per year. Therefore, in 20 years, the amount you postponed from the income tax will increase to R$ 33,697.56. After 10 years, the income tax rate on this amount will be only 10%.
Therefore, in 20 years, you will be able to redeem, net of income tax, the sum of R$ 30,327.81.
There are conservative PGBL alternatives that pay more than 100% CDI after fees. So this is entirely possible.
In this example, realize that your contribution equates to you earning a 25% increase in your current income.
To take advantage of this, you need to have this amount available before the end of the year. Hence the importance of planning to have this sum in liquid assets in order to be able to contribute. And the sooner you do it, you reduce the risk of losing the benefit.
Remember that your annual income account should not enter two incomes: profit sharing and thirteenth. But, you should consider in the sum of your income the income from renting real estate.
The work is now simple. Project how much income you should receive in the next three months and add it to the amount received so far.
Now the decision is up to you. Either you pay 3.3% of your income now to the IRS or you contribute to a PGBL and earn 25% more than your current salary in 20 years, net of income tax. With this advantage, is it worth taking the risk of losing?
Michael viriato is an investment advisor and founding partner of Investor’s House
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