Planning Topics
By: Willem OberholzerAre you aware of a section within the Tax Administration Act titled "Personal Liability of a Representative Taxpayer"? This provision pertains to individuals who hold the position of public officer within a company and are registered with the South African Revenue Service (Sars…
Because healthcare is so expensive in South Africa, and because neither public nor private hospitals can be relied upon to give the best treatment, millions of people have already joined a medical aid scheme.Without medical aid or other coverage, many private hospitals demand payment up front. In…
The Festive Season is a time when most children get very excited knowing that many glitzily wrapped presents will soon be there. Many children in South Africa don’t get excited. They won’t be getting a gift. Most of them don’t even know what a gift is.The Safripol Share a Gift. Share a Smile…
The law is strict on who can touch your pension savings when you retire or change jobs. Your retirement fund can withhold or make a deduction from your withdrawal benefit only under a limited set of conditions.The Pension Funds Act’s (section 37D) states that deductions may only be made:• For a…
After government promulgated onerous amendments to the Trust Property Control Act (TPCA) on December 22, 2022 (which were gazetted on December 29) and issued Regulations for its implementation on March 31, 2023, effective from April 1, 2023, trustees (often laypersons) are scrambling to comply with…
When you retire, if you are a member of a defined-contribution pension fund, as opposed to the rare and endangered defined-benefit fund, you must “buy” a pension with at least two-thirds of your savings, if the accumulated amount is more than R247 500.This is known as “compulsory annuitisation”,…
By Phumelele MakatiniThe 2024 medical scheme contribution increases are a bitter pill for family finances to swallow following several years of cost containment in the industry and a rebound in claims following the pandemic.It's crucial to recognise that escalating claims and rising medical costs…
Many moons ago, when I went to university to study economics, I learned that everything on earth is scarce. Capital was scarce, commodities were scarce, labour was scarce, and so were machines, tools, and knowledge.I want my money back. An abundance mindset is characterised by the belief that there…
An increasing number of South African taxpayers’ trust in the South African Revenue Service (Sars) has dropped, even though they said they believed that the quality of service is improving.PwC’s had asked participants if their trust in Sars had increased in the last 12 months, and 42%, 45% in 2022…
Two moderate tax measures could be implemented to raise the additional tax of about R15 billion needed to stabilise public finances that are under strain, says commercial law firm Cliffe Dekker Hofmeyr spokesperson Louis Botha.During the 2023 Medium-Term Budget Policy Statement (MTBPS), the…
Experian, one of the largest credit bureaux in South Africa, and Chenosis, a cross-industry Application Programming Interface (API) marketplace, an MTN Platform Company, have joined forces to leverage data to drive financial inclusion in South Africa.According to Experian, although there are an…
In an age where connectivity is paramount, nothing is more frustrating than losing signal during loadshedding or due to acts of vandalism.It disrupts your ability to stay in touch with loved ones, enjoy online streaming and hinders businesses from running. MTN understands the importance of keeping…
By: Mashudu LavhengwaJust like children are the seeds of our future, consider retirement planning in your youth as planting the financial seeds for your golden years. Your youthful years are like the gardening season for your retirement, and a retirement annuity is your versatile tool kit.A…
By: Keith PeterThe approaching introduction of the National Treasury’s Two-Pot Retirement System has highlighted the need for additional savings plans to help attain a financially secure retirement for South Africans.The new system, proposed to come into effect in March 2025, will divide…
Against the backdrop of a local economy that remains under pressure with unemployment, higher levels of inflation, rising interest rates and load-shedding, the South African residential property market remains resilient. While overall property sales volumes are lower compared to pre-Covid volumes,…
By: Murray CollyerSoon, South Africans could have the option of placing their retirement fund contributions in two ‘pots’ – the one being the retirement pot and the other being a savings pot that can be accessed by members while still in employment. A group of accounting firms, BDO recently…
Clientèle Limited’s acquisition of 1LIfe Insurance was accretive and would result in a combined embedded value of about R7.8 billion, with almost 1.5 million contracts that would improve scale and enhance future value, a statement said on Friday.Clientèle had announced on October 24 that it had…
By: Wynand van VuurenIn South Africa, small businesses comprise 30% of the total employment and a third of the total value added to the economy. If you’re one of these small business owners, and you run your business from home, it’s important to ensure that your business assets are insured…
By Paul CounihanAnything promising to fix your financial woes is probably as authentic as the junk mail in your inbox that claims you’ve won the Irish Lottery (again). However, in every investment portfolio, there is most definitely a role for fixed-term investment products. Especially right now,…
Bank Zero has announced that its commitment to zero bank fees remains strongly in place.It says the announcement comes in the wake of the recent mid-term Budget and a cost-of-living crisis in the country.Bank Zero chair Michael Jordaan said: “We see our promise of zero bank fees as central to our…