One of the key benefits of investing for retirement using a retirement fund is the generous tax deduction for contributions, subject to a maximum of 27.5% of the greater of your taxable income or remuneration, with an annual ceiling of R350 000.
The national minimum wage (NMW) came into effect on 1 January 2019. What exactly does this mean for employers and employees? The new minimum wage of R20 per hour applies across all sectors, with a few exceptions.
As the leading cause of death globally, cancer holds more than just physical and emotional implications – it can also have a devastating impact on your finances.
Statistically, one in four South Africans will be diagnosed with cancer or have someone close to them diagnosed. The financial burden of dealing with a dread disease like cancer can be massive – the out-of-pocket medical costs, as well as unforeseen non-medical expenses like in-home carers and additional childcare.
Get ready to move your body at the Discovery 947 Rhythm Run. Whether you are an avid runner, a social runner or a haven’t-run-yet runner, it’s time to start planning for the greatest fitness event of the year that will make you sweat, both on the track and on the dance floor. After your run around the track, the race ends with an exciting after-party where you can let loose to the rhythm of Jozi with 947 DJs and personalities.
Any interest earned on your investment is included in your gross income for that particular tax year, even if you have re-invested the interest. This means it forms part of your income and will be taxed according to your income tax rate.
You do, however, qualify for an interest exemption, so you will not pay income tax on the first R23 800 of interest if you are under the age of 65, or R34 500 if you are over 65.
Investing on behalf of your children is a generous act of foresight and, if you can afford to do it, opens up future opportunities for them. Unit trusts are a common choice for many parents due to their flexibility and the easy access to the invested money. But what does the fine print say about tax and ownership rights?