August 15, 2023

Avoid the long-term implications of skipping a bond repayment

Are you feeling the financial pinch? You’re not alone. Many South Africans are finding it increasingly difficult to meet their credit obligations. The cost of living is on the rise, disposable incomes are shrinking, and servicing debt has become a significant challenge. Homeowners are feeling the strain too, with financial institutions noting a surge in foreclosures. As the economic outlook appears to be in a state of flux, more consumers are struggling to honour their bond repayments and servicing their debt. In such times of financial stress, the thought of defaulting on a bond payment may sneak into the minds […]
August 15, 2023

Tempted to use AI as a personal finance assistant? limitations and risk factors to consider

Artificial Intelligence (AI) has revolutionised numerous industries, including personal finance. With AI chatbots providing real-time, human-like responses to queries, one might be tempted to fully entrust their financial management to these digital assistants. However, while AI offers undeniable benefits, it’s essential to understand its limitations, particularly when dealing with sensitive areas such as personal finance. Make sure you consider the potential pitfalls of using AI as a personal finance assistant. AI chatbots like ChatGPT are trained on a plethora of data sources such as news articles, books, and social media. This extensive knowledge base allows them to provide advice on […]
August 15, 2023

Harnessing technology to amplify efficiency

In a world where adaptability is the key to survival and prosperity, organisations across various industries are striving to stay ahead of the curve. Economic and societal volatility, coupled with evolving market dynamics, have spurred businesses to find innovative ways to meet their objectives while navigating an ever-changing landscape. An essential strategy in this quest for resilience and competitiveness is integrating technology seamlessly into every business function. The Essence of Doing More with Less: Today, businesses are increasingly prioritising efficiency, seeking ways to maximise output while minimising resource utilisation ─ in essence, doing more with less. This concept goes beyond […]
August 15, 2023

Domicilium citandi et executandi in South African law

How is it possible that someone can obtain judgment against me, without my knowledge of any summons issued against me or a court date to state my side of the story? Well, in our law this could happen if you agreed to a domicilium address without notifying other parties about a change therein when you move away from said address. What is domicilium citandi et executandi? Domicilium citandi et executandi (hereinafter, “domicilium address”) is a Latin term that means “house for being summoned and executed upon.” In South African law, it refers to the address that a person nominates in a contract […]
August 15, 2023

Testamentary trusts still have their place

How you can protect your assets from predators—including SARS Trusts have received a lot of bad press over the past few years, what with SARS taking a dim view of the use of trusts as a means of avoiding tax. A 2008 case involving a property trust, where the beneficiaries were changed in the hope of avoiding the payment of transfer duty, is but one example of SARS’ increased vigilance when it comes to trusts.  In this particular case the loophole was closed, and the court found that transfer duty was in fact payable. So does this mean that trusts […]
July 12, 2023

Unlocking the benefits of expert tax planning

Tax planning is the strategic organisation of financial affairs to minimise tax liability by utilising deductions, exemptions, allowances, and rebates within the confines of the law. Despite the perceived complexity, tax planning offers streamlined financial management and significant savings. For business owners, it is an ongoing commitment with substantial benefits, going beyond tax payment to optimising tax outcomes. With expert guidance, businesses can navigate tax obligations, seize opportunities, and legally reduce their tax burden. Benefits of Tax Planning Maximising Deductions and Write-offs Through effective tax planning, businesses can identify and leverage the highest possible deductions and write-offs, resulting in a […]
July 12, 2023

How to evaluate investment opportunities

A rewarding investment begins with a thorough evaluation. Understanding how to evaluate investment opportunities enables you to safeguard your financial future. It’s not just about spotting a potentially profitable venture, but also about ascertaining whether the opportunity aligns with your financial aspirations, risk threshold, and long-term investment strategy. Here is an easy-to-follow guide to help you make sound investment decisions, especially in South Africa’s dynamic and promising market. Set Your Investment Objectives The initial step in assessing an investment opportunity is defining your investment goals. Are you after quick gains or focused on growing your wealth gradually over the long […]
July 12, 2023

Deciphering the dilemma: To sell or not to sell your property amid financial strain

Given the current economic climate, many homeowners in South Africa might find themselves facing the challenge of keeping up with their monthly bond repayments. In such instances, it may be tempting to consider selling the property to relieve financial pressure. However, before you make a hasty decision, it is crucial to understand all the factors involved and seek expert advice. Owning a home is a significant financial commitment and one that needs careful consideration, especially when financial circumstances become strained. A knee-jerk reaction to sell may seem like a straightforward solution, but it’s not always the wisest course of action. […]
July 12, 2023

Deducting income tax and CGT for estate duty

Is subjecting taxpayers to estate duty on post-death asset growth appropriate? IN 1789 Benjamin Franklin said that “in this world nothing can be said to be certain, except death and taxes”. He was right about death—but anyone who has had to interpret our tax laws would know that the task is fraught with uncertainty. This article examines whether income tax (including CGT) can be deducted from the net value of an estate for estate duty purposes. The net value of a deceased estate under the Estate Duty Act 45 of 1955 is equal to the total value of all property […]
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