June 5, 2024

Build Your Emergency Safety Net Fund Today

Ask any trapeze artist, and they’ll tell you that a safety net is a non-negotiable part of flying high. While few of us are circus performers, an emergency savings fund is still one of the most important requirements for our peace of mind and financial stability. Life has a way of throwing curveballs.  Whether it’s an unexpected car repair, an unavoidable medical bill, or a change in employment status, unexpected events are waiting around each corner. While we won’t ever know when these little surprises might take place, with an emergency fund in place, at least we are prepared to […]
June 5, 2024

Pension Funds and Emigration

Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in a foreign country. However, for South Africans, this scenario presents as many challenges as it does opportunities, and should only be considered after consulting with a financial advisor and tax expert. When you invest offshore directly, whether in a retirement fund or another funding vehicle, the tax aspects can be tricky to understand, and several factors must be considered. If you fall foul of the domicile-specific tax rules, you could end up losing a […]
June 5, 2024

Struggling to Make Ends Meet at Varsity?

South African universities recently opened for the first term of the year—but for many students, money worries have overshadowed the excitement of returning to campus. Education costs typically increase at a higher rate than general inflation, and affordability is a major issue for most students. The average cost of a South African university education could be around R107,600 per year by 2025, and R254,700 by 2035, according to Marius Pretorius, head of marketing: retail savings and income at Old Mutual. Students from families with an annual household income of less than R350,000 are eligible for funding from the National Student […]
June 5, 2024

The Tax Treatment of Relocation Expenses

Transferring staff?  There are tax implications for them … and for you! If your business has branches in different locations, one of the best ways of offering key staff opportunities for career growth is to allow them to relocate. Relocating an existing staff member who has come to know and understand your systems, procedures, and how you do business is often preferable to hiring a new person from outside, who perhaps does not have the benefit of such exposure. While many staff members may wish to relocate for personal or lifestyle reasons, it is often the employer itself that requests […]
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