July 23, 2022 smacms_admin

Financial Informer – 3rd Quarter 2022

Using tax to save

Say goodbye to tension and hello to your pension would be a refreshing sentiment if it was true for everyone. The truth is that the majority of working people do not retire with enough retirement savings. Medical advances have also meant that people are living longer and consequently saving for your retirement is even more crucial. If you are several years away from retirement, now would be the time to take advantage of the tax breaks available to you. It could make a big difference in the twilight years.

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Give credit where its due

Despite the interest rate hike and the rising cost of living, the National Credit Regulator (NCR) encourages consumers, in particular the youth who have already signed credit agreements, to continuously pay their monthly accounts on time and in full in order to maintain a good credit bureau record.

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Taxing transfers

For most of us the purchase of a house is likely to be our most expensive ever purchase. But the listed price you see on a sales brochure or website does not tell the full story of how much you will need to pay up when buying a house in South Africa. In addition to a deposit towards the purchase price, there are also transfer costs (and bond registration costs if the purchase is being funded by a mortgage bond). The transfer costs consist of transfer fees (the legal fees paid to the conveyancing attorney handling the transfer from the seller) and – for properties valued at over R1m – a potentially hefty amount of tax called “transfer duty”.

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