March 18, 2024

Essential Financial Lessons Every Parent Should Pass Down

It’s true; financial literacy is as crucial as academic education, and many of us find ourselves reflecting on the lessons we wish were imparted by our parents. Growing up in South Africa, where economic challenges and opportunities coexist, understanding money management from an early age could have set a solid foundation for personal financial success. Here, we delve into the core financial concepts and practices that could significantly alter the course of our financial journeys, emphasising the importance of teaching your children basic financial concepts. Teaching your children basic financial concepts By engaging in open conversations about money, setting a […]
March 18, 2024

Maximising Wealth, Minimising Tax

A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably—to live confidently, knowing that there are enough funds available to cover your basic needs. Making regular contributions to a retirement annuity (RA) and supplementing it with a tax-free savings account (TFSA) can be an effective way of getting there. The golden thread: Cashing in on the tax benefits RAs and […]
March 18, 2024

The Business of Business Travel

Business travel means different things to SARS than to taxpayers. While it has been compulsory for recipients of travel allowances to substantiate their claims by means of a detailed logbook for some years, it has become ever more critical to understand exactly what SARS understands by the term ‘business travel’. The simple reason for making the distinction is that business travel is claimable, while private travel is not. So since private travel is not claimable, let’s get that one out of the way up front. The obvious forms of private travel include any travel that relates to your domestic activities—going […]
March 18, 2024

Paying Salaries: What Can Go Wrong?

South African businesses face unique payroll challenges. From strict regulatory requirements to the specific needs of a diverse workforce, managing payroll requires precision, understanding, and the right approach. Here are some critical payroll mistakes businesses often encounter and our expert advice on how to avoid them: Misclassifying employees In South Africa, the distinction between independent contractors and full-time employees is significant, affecting everything from tax obligations to benefits. Misclassification can lead to penalties from the South African Revenue Service (SARS) and disputes with employees. Ensure you’re familiar with the definitions and classifications as per labour laws and classify your employees […]
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