By David Warneke, Director and Head of Tax Technical at BDO South Africa The Tax Administration Laws Amendment Act of 2015, which was promulgated on 8 January 2016, states that in future SARS will not be permitted to entertain so-called ‘requests...
Hlakanyane asks: I am a 52-year-old man and currently contributing R2 500 per month in a tax-free savings account with a bank. This is invested in cash and standing at R15 000 thus far. Is it better to leave it in the bank, to invest with an...
Money is consistently the number one thing that couples fight about, so in this episode of Change in your Pocket, we give you practical advice on how to talk to your partner about money....
The recent student protests have highlighted the high cost of tertiary education. For many, the cost of registration alone is enough to shut the door of opportunity. The South African Institution of Race Relations has reported that only 5% of South...
A lack of young, healthy members is driving up medical scheme costs. The increases announced by medical schemes for 2016 ranged from around 8.6% to as high as 15%. If your medical scheme announced increases well above the market, it could suggest...
In our article How trying to build a credit record led to a debt-trap, Afika’s decision to take out a credit card to create a credit record ultimately led him into a situation where he had over R70 000 in credit card debt and R3 500 a month was...
In episode 14 of the Change in your Pocket series, we examine how best to go about discussing money with young children. http://www.youtube.com/watch?v=uoBHYWeKvGY&feature=youtu.be – Video supplied by BrightRock Welcome to The Change Exchange...
Evans writes: I am 30 years old and work as a contract worker, which means my salary is not fixed and ranges from zero some months to R8 000 in other months. I currently contribute R750 a month towards my retirement annuity and I also contribute...
Strategic Six Savings Club is a group of five 34-year-olds who set up a stokvel nine years ago with the aim of building long-term wealth through saving and investing collectively. With contributions starting at just R250 per month, the group has...
Chantel has been married for almost two years and was caught slightly off-guard recently when she realised she was pregnant with her first baby. “Even though my husband and I are both extremely good at saving, we didn’t have a specific budget for a...
Don't fall into the trap of taking on unnecessary consumption debt in a misguided attempt to build up your credit record. Far too many 20- and 30-year-olds are struggling to meet monthly debt repayments, impacting their ability to break the dependency cycle and create...
Tstati writes: I am looking for a consolidation loan to consolidate my debt. There are several companies that I came across with this product, but I'm not sure how credible most of them are. Maya replies: Debt consolidation is not necessarily a solution to a debt...
So you finally decide to venture into the world of shares and market movements, but where can you find a platform that is friendly for the beginner investor? Often eager investors give up when they are faced with a trading or investing platform that is difficult to...
Late last year the Department of Trade and Industry (DTI) made two announcements that could see the cost of borrowing reduced. The DTI has adjusted the maximum interest rate that will be allowed on loans from May 2016 (see below) and also released draft proposals that...
Nkosenhle writes: I took a loan from a credit provider in 2002 and after a few payments I was unable to continue, so the company issued a garnishee order against my salary until the amount was paid off. Despite having settled the amount, after a period of time they...
I recently required surgery to my ankle after sustaining a serious injury quite a while back. Thanks to this ongoing ankle saga, if I ever want to be able to hike and run again I am going to have to commit to some serious rehabilitation work which involves spending 20...
Willie writes: I am planning on leaving my employer after 25 years and I want to cash in my pension fund of R2.1 million. How much tax will I pay? I am 50 years old. Maya replies: When you resign and cash in your pension, the tax is worked out on a sliding scale ‒ and...
While attending a business conference in Guangzhou, China, Mrs Sithole collapsed and was rushed to the intensive care unit of a local hospital with cerebral bleeding. She was diagnosed with an aneurysm and was hospitalised in China for four and a half months. Her...
Makabongwe writes: I believe in investing for growth but I don't have sufficient knowledge about unit trusts. Currently I have invested in Allan Gray unit trusts via debit order. I am worried that I have not selected the correct funds, namely the Stable fund and...
In this podcast we search for the truth behind credit cards – are they really a good thing to have in your wallet? We chat to Chris Labuschagne, CEO of FNB credit card and we asked him how many of their customers pay off their cards in full at the end of every month,...