With just 12 days left of the tax year and the budget speech next week, this is the time of year, that you should be evaluating your investments and retirement savings and maxing them out as much as you can.
While many people know they should be saving more for a rainy day and retirement, most of us are not. Using a few tax incentives can assist you a great deal now and years down the line.
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I've been looking at ways to reduce my donations to the Nkandla Fund (SARS income tax)…
I have no objection to pay tax - when the government that receives that money makes use of it responsibly. But that's not the case at this stage.
And by putting off paying tax (legally) I can get my money to work for me faster than when I give nearly half of that away to the tax man.
Now instead o... ››› more
In 1995, SARS collected just over R127 billion in tax revenue.
Today, that figure stands at R1.14 trillion.
By 2018, SARS aims to collect R1.26 trillion in tax revenue.
In short, SARS is coming after more of your money.
And they will do everything in their power to get their greedy hands on as much of your money as possible.
But what if I told you…
Th... ››› more
If you've been acting on the share recommendations the FSPInvest team delivers every month in publications like The South African Investor, Real Wealth and Red Hot Penny Shares, then you're probably making handsome investment returns right now.
Soon, these investment returns will spark interest from SARS, and soon they'll come knocking asking for their share of your profits.
Your broker is... ››› more
Rich South Africans pay expensive lawyers, accounts, tax planners and investment managers to ensure they legally pay as little tax as possible.
Now I know what you're thinking: “That's great, but not everyone can afford these expensive advisors.”
Well I've got good news for you: You don't need the help of expensive accountants, tax advisors or investment managers. Because all the tax inc... ››› more
Tomorrow, the finance minister Nhlanhla Nene will give his medium-term budget.
With the government's coffers feeling the strain of slowing economic growth, Nene is under pressure to introduce new ways of increasing tax revenue. But how is he going to do it?
Since Thomas Piketty, a French economist, suggested introducing a new ‘wealth' tax in SA, could this happen?
Let's take a closer lo... ››› more
Do you own unit trusts, ETFs or shares?
If you do, you're paying 15% tax on all the dividends you receive.
You also pay 13.33% capital gains tax once you sell any of these. In fact, if you held them for less than three years you will end up paying up to 40% in income tax on them…
But you don't have to.
Stop paying tax on your investments today
The National Treasury introduced Tax... ››› more
The budget address at the end of last month revealed some news that higher earners didn't want to hear. Personal income tax is rising if you earn more than R181,900 a year.
So what does this mean for you?
Let's take a closer look…
Personal income tax rises 1% if you earn more than R181,900 a year
During his first full budget speech, the finance minister Nhlanhla Nene said that “... ››› more
When you invest and your shares perform, once you sell your shares, you could be liable to pay tax on your gains.
It all comes down to how much money you make from your investments.
Let's take a closer look…
What is capital gains tax (CGT)?
Capital gains tax (CGT) is a tax you have to pay on any profits you make on the difference between the price you pay for something and what yo... ››› more
When you invest and trade on the stock market, your main objective is to make money.
But if you've done well, chances are all the profits aren't yours. You'll have to pay SARS its cut.
So how do you know when you have to declare your profits to SARS from your investments? And what are you liable to pay?
Read on to find out…
Your tax liability to SARS when you invest and trade
W... ››› more
There are only eight days left to file your tax return, so make sure you don't leave it for the last minute. The deadline is November 21st, 2014.
Here is everything you need to know before submitting your tax return.
First of all, if you don’t have a tax number already, you need to apply for one with the South African Revenue Services before submitting your tax return. To get a tax number, ... ››› more
When the ANC was re-elected in May, President Jacob Zuma beefed up his cabinet, adding more cost to the taxpayer.
But it's not just the wage bill that the taxpayer has to foot, it's all the trimmings that go along with it.
Have you thought about how much of your tax money goes towards paying for South Africa's cabinet?
Read on to find out more about the true cost…
The South Africa... ››› more
If you hold shares and other investments for the long-term and sell them for a profit, depending on the size of your profit, you could have to pay capital gains tax to SARS.
So what exactly is capital gains tax? And how much profit to you have to make to pay capital gains tax?
Let's take a closer look…
What is capital gain tax (CGT)?
Any profits you make from selling an asset (lik... ››› more
Filing your annual tax return is quite a challenge and most people seek the services of a tax professional who can do all the work for them.
It's important to make a smart, carefully researched decision when choosing a tax professional to file your tax return and keep you informed about the latest changes in tax laws.
Here are some tips for choosing the right tax practitioner in times of ne... ››› more
Growing your money is one thing, but if you really want to be wealthy, you need to protect it too. And one of the best ways to do this is by taking advantage of our taxes. Today, we explore how the changes Pravin Gordhan made to the medical tax credit system in his National Budget affects you…
Significant changes to medical tax credits were made in this year’s National Budget
If you con... ››› more
Disclaimer Note that FSP Invest, a division of Fleet Street Publications (Pty) Ltd, is a research house and not a registered broker, financial advisor or financial service provider. Our editors and customer services teams also do not give personal investment advice. The advice in this website is general advice only and may not be appropriate to your particular investment objectives, financial situation or particular needs, so before investing or if in any doubt about your personal situation, you should seek professional advice from a stockbroker or independent financial adviser authorised by the Financial Services Board.
We research our recommendations and articles thoroughly, but disclaim all liability for any inaccuracies or omissions found in this publication.
Remember: Never invest more than you can afford to spare and that the value of any investment, and the income derived from it, can go down as well as up. The past is not necessarily a guide to future performance.
Editors or contributors may have an interest in investments commented on in this newsletter. However they have signed restraints to prevent the abuse of their position as contributors to this publication.