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Employee? 10 actions worth money, at the end of the year

At the end of the new year, you can prepare to apply for a tax refund, take care of tax-free pension savings for the self-employed, apply for a work grant, and more. Actions with the authorities often amount to a handsome refund.


At the end of the year, you deserve money back, too. With the following steps, you can save a lot of money.

  1. Apply for a work grant (negative income tax) You can apply 25.12.2020. Those who have submitted a claim for a work grant in the past two years can submit a claim online until the end of 2020.
  2. Make sure you have donation receipts, you deserve money back.
  3. Apply for a tax refund (Please note! You can request a tax refund for 6 years back, it will not be possible to apply for a tax refund for 2014 after 12.2019.)
  4. Apply for reimbursement of social security contributions if you have paid excess insurance premiums.
  5. Have you had a child? Divorced? Contact your employer to update the details onForm 101 before the end of the year and you will be able to receive what you are entitled to at your last salary. And you won’t have to file for a tax refund through the tax assessor.
  6. Did you change jobs during the year? Didn’t work part of the year? Have you worked in more than one workplace? Hurry up to make tax coordination and coordination of socialsecurity deductions before the end of the year. This will allow your employer to deduct a reduced tax from you and credit you with the amounts you are owed.
  7. Check the balance of accrued vacation days for employees, check if you exceed the amount of vacation days that can be accrued before deleting them at the end of the year to a degree.
  8. Can you save? You can deposit up to NIS 70,000 for savings into an investment provident fund. This fund is a new savings instrument that allows saving up to 70,000 a year in a designated provident fund. The money in the provident fund for investment is liquid at all times, but if the saver redeems the money only after the age of 60 in a monthly allowance, he will enjoy a tax exemption on the profit.
  9. Collect and save annual reports that will start coming soon:
    • Savings
    • Mortgage payments
    • Pension funds, provident funds, and managers’ insurance
    • Study Funds
    • Annual reports of the insurance companies in which you are insured
    • This is a good opportunity to throw away what you don’t need and organize the home paperwork.
  10. For those who pay tax on a rented apartment and do not pay down payments, prepare for tax payments for 2019 by the end of January 2020.


Note: The above information does not constitute a substitute for professional and legal advice and the aforesaid should not be relied upon without consulting with a tax advisor, accountant, lawyer, who deals with the field before taking any action or making any decision. This is true only at the time of writing, and their correctness may change from time to time.


For additional actions to save money at the end of the year on the Kol Zchut website


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