By David Thomson, Sanlam legal adviser If you have a trust and have transferred some assets to it without being paid, you may soon have to start charging the trust interest, or be liable for donations tax. This change to the Income Tax Act came...
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Video: Why a woman should have a credit record
The experience of an 80-year-old widow turns into an important lesson on why every woman needs to have her own credit record. https://youtu.be/bDhwXXcJOiY Related: Women and money Should a wife have her own financial adviser? Why money is different...
Lay-by travel
A new travel site allows you to pay for the holiday of your dreams without going into debt. Last year I took issue with a new travel company that offered customers the ‘opportunity’ to borrow money to fund the holiday of their dreams. I argued that...
How do I calculate my tax?
By Cathie Webb, Director, South African Payroll Association Minister of Finance, Pravin Gordhan, released updated tax tables on 22 February during his 2017 budget speech. We understand that many of us will be paying more tax and therefore taking...
Know your rights when it comes to your gym contract
Many of us would have prioritised our health and fitness in our New Year's resolutions, which may have included joining a gym. But before you signed on the dotted line of your gym contract, did you make sure you were familiar with the terms and...
Using rewards to pay for medicine
This year our family is working our rewards programmes to cover the costs of medication. After realising we would pay R1 500 less per month on our premiums if we selected a medical scheme option that did not cover my son’s R900 per month chronic...
Paying for advice: talk to your financial planner now
How much will you pay for advice once RDR comes into effect? It’s not too soon to engage your financial planner in a conversation about how much you will be charged for financial advice and for product-specific advice, says Jacques Coetzer, general...
No more credit insurance rip-offs
A cap placed on how much a lender can charge for credit insurance could result in cheaper loans, but some warn it could also cut credit to higher-risk individuals. Last month the Department of Trade and Industry issued the final credit life...
Regulator challenges “set-off” rule
Court ruling may put an end to banks transferring funds without permission. Last year I came across the case of a Standard Bank client who had money deducted from his current account to settle his outstanding credit card, without his permission. In...
Buying an investment property
When buying an investment property, you need to do your homework carefully to avoid your property becoming a financial ball and chain. While astute investors can make money, property has significant holding costs and is not as liquid as other...
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Taxes that will hit your pocket
In his 2017 budget speech, finance minister Pravin Gordhan announced increased tax revenues of R28 billion, the bulk of which will come from increased personal income tax and higher dividend tax, avoiding the politically sensitive issue of an increase in VAT. 16.5bn...
Why we are not getting ahead
While we are getting our debts under control, we are not investing in wealth-creating assets. The recently released South African Household Wealth Index for the third quarter of 2016 identified some interesting trends around household wealth accumulation. The findings...
Tax-free savings accounts – when are they appropriate?
By Paul Leonard, CFP®, Regional Head, Citadel It is often said that there are no right or wrong investments but rather appropriate and inappropriate investments. Much has been written about tax-free savings and investment accounts (TFSAs) and there was considerable...
Momtrepreneurs: prepare your business for your maternity leave
As motherhood and entrepreneurship are becoming more and more synonymous, many momtrepreneurs are learning that it’s entirely possible to take critical time off to care for a new member of the family while still maintaining a healthy business. All it takes is a little...
Can I get life insurance after a cancer diagnosis?
Modern medical advances have made it possible for more and more people to beat cancer. When it comes to breast cancer, early detection and diagnosis mean that survival rates have gone up dramatically. In fact, almost two out of every three women with breast cancer now...
Get a managed portfolio for just R100
You really want to invest in the stock market but you don’t have enough money each month to buy expensive shares. Fractional investing is a cheap and easy way to invest at lower costs. After fielding numerous calls from listeners on Gareth Cliff’s CliffCentral show,...
The first and foremost rule of investing: capital preservation
By Sihle Lukhele, Institutional Investor Relationship Manager at Foord Asset Management. Benjamin Graham, the father of value investing, defined an investment operation as “one which, upon thorough analysis, promises safety of principal and an adequate return.”...
Is critical illness becoming the more important cover?
This week I was chatting to my independent financial adviser who told me that the majority of the claims he handles these days relate to critical illness. He says the claims for serious illnesses like cancer and heart attacks have escalated among his clients in their...
FNB clarifies settlement issues after recent burglaries
FNB initiates settlement discussions to help all customers impacted by recent safety deposit burglaries. FNB has released the following statement from its CEO, Jacques Celliers, regarding the recent safety deposit burglaries at their Randburg, Parktown and Sunnypark...
Have we made it too easy to dispute debit orders?
The move by banks to make it easier for individuals to reverse unauthorised debit orders has been an important step in maintaining the integrity of the banking system, especially after increases in illegal debit orders where syndicates would obtain bank account...