Your tax return needs to be completed and handed to the South African Revenue Service (Sars) by Friday July 14. This year Sars has launched an initiative that allows individuals and businesses to submit tax returns via the internet. From June 1, you can complete your tax return online.
The pension funds adjudicator has issued another ruling, this time against a preservation fund, the major issue involving the underlying investment in an Old Mutual smooth bonus policy. Like the Alexander Forbes case that saw the company agree to pay out R380-million to pension fund members for not disclosing fees, the issue again boils down to disclosure.
South African financial institutions could learn a thing or two from innovations abroad that provide for retirement. Many people consider their homes, which they intend to sell on retirement, as their pension. The problem is that downsizing does not necessarily save money as townhouses, clusters or retirement villages often carry a premium price.
Over the next few months, South African banks will begin to replace plain, magnetic-stripe credit cards with chip-enabled smart cards. The exact timing of the launch is still up in the air as the banks sort out last-minute details and technologies, but Absa and Standard Bank appear to be the front-runners.
Recently the JSE lost 6% of its value in just three days. While there has been a subsequent recovery, it highlights the fact that market volatility is increasing dramatically. Wayne McCurrie, deputy MD of Advantage Asset Managers, says such high levels of vola-tility are indicative of a market that is abnormally valued.
When creating your investment and savings plan, you need to understand your goals and how to achieve them. You will have different strategies according to your goals. Independent financial educator Dave Crawford cites an example of a 36-year-old client, who by the age of 49 wants to have set up his investments so that he can live off the income they generate.
Many people feel extremely uncomfortable having the "tough talk" before they walk down the aisle. It may feel as if seeing a lawyer to draw up a marriage contract in case of divorce will put a bad omen on the marriage. The reality is that a marriage contract is not only about divorce but can have consequences throughout married life.
The problem with being a first-time investor on the JSE is that you generally need a lump sum to invest in order to make it financially viable. With minimum brokerage fees of about R100 each time you buy and sell, you would need to buy R5Â 000-worth of a single share in order for it to be cost-effective, and then you would have exposure to only one share.
From March 1, homebuyers will no longer have to pay transfer duties on properties of less than R500 000 — that is, the tax paid to the government on these purchases. Though the saving will make buying a home a lot more affordable, there are still additional upfront costs you need to budget for.
Recently two new Satrix exchange-traded funds (ETFs) listed on the JSE, giving investors further low-cost opportunities to invest in South African companies. This brings to five the number of Satrix funds available to investors and the number of ETFs listed on the JSE to nine.