By Hilary Dudley, Managing Director of Citadel Fiduciary Proprietary Limited On 25 April 2017 the Davis Tax Committee (DTC) released a media statement calling for written submissions on the possible introduction of wealth taxes in South Africa....
The true cost of your DSTV subscription
When actuary Vinesh Maharaj was considering whether or not to change his DSTV subscription, he did what all maths nerds do – he drew up a spreadsheet to see how much DSTV would cost him over the next 40 years. He assumed an annual 8% price...
Car hire: the devil is in the detail
It may be tempting to take the keys of your hire car and drive off so that you can finally enjoy your holiday destination with your family. After all, you’ve waited a long time for this break and with all the political turmoil and work commitments...
Using a trust to create intergenerational wealth
Most parents want their children to be financially secure and to live better lives than they were able to ‒ lives without financial stress. Parents also want to be able to leave their children a financial legacy that will provide for...
Eight digital banking scams to look out for
As access to banking services through digital channels continues to grow, so does the need to protect consumers against the prevalence of online banking fraud. Yolande Steyn, Head of Innovation at FNB says, “We view security as an integral part of...
What is digital currency?
Digital currencies are a form of electronic money, that are as liquid as normal fiat currencies. There are currently over 600 digital currencies – also known as cryptocurrency – that are already in the market. They function the same way as regular...
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...
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...
Previous Articles
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...
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...
Does your family think your employer will provide?
Recently the MD of a small company asked me if I thought they should provide employee benefits such as life cover and retirement funding for their employees. Currently the company leaves that entirely to each employee to sort out for themselves. Due to the cost and...
Better to own a car or to simply Uber?
If you are looking for ways to save in 2017, you might want to consider tossing your car and Ubering instead. MyTreasury.co.za, which helps South Africans find the best savings account to match their needs, crunched the numbers to see when it makes financial sense to...
Less SLOW Lounge for FNB customers
How many SLOW Lounge visits will you qualify for? My husband and I both travel frequently for work and the SLOW Lounge offers a little bit of respite from the general chaos and mayhem of airports, so we tend to maximise our usage most months. The FNB initiative with...
Over half of top shopping apps collect users’ personal information
More than half of the top 60 Android shopping apps collect users’ personal information through trackers, a new study finds, with South African favourites LetGo and OLX among apps with the highest number of trackers. The result is from a privacy risk assessment on...
Spouses need to review their finances
Changes to the taxation of estates could leave a surviving spouse with a hefty tax bill. Last month the Davis Tax Committee (DTC) issued an update on its tax recommendations especially around so-called “death taxes”. Some of the key recommendations are to remove...
An overseas trip doesn’t need to break the credit card
I recently returned from an overseas trip that I started planning nine months ahead of time. I used the time to plan, budget and make sure that when I returned from my well-deserved break that there would be no scary credit card bills to deal with. One of the benefits...
Don’t use your tax-free savings account for emergency savings
Research finds that the tax-free savings account is still misunderstood. If there’s one thing the financial industry is good at, it is complicating things that should be fairly simple. Tax-free savings accounts (TFSAs) were meant to be really simple long-term savings...
Ignore SARS questionnaires at your peril
by Nthati Khumalo, Tax Compliance Trainee at BDO South Africa The High Court recently held that Mr Julian Brown must submit a response to a SARS lifestyle questionnaire or suffer the consequences. SARS may in terms of the Tax Administration Act (the TAA), in...