tax
Once your financial emigration has been finalised, your South African bank account will be re-assigned for exchange control purposes as an emigrant’s capital account and will be subject to South African exchange control rules. The proceeds of the sale of
Once you and employer have come to agreement on your severance benefit, keep in mind that the Income Tax Act allows more favourable tax treatment of these benefits. The first R500 000 of your severance pay, being a combination of
From a tax perspective, while the contributions paid towards your income protection policy are no longer a tax-deductible expense, the income paid from your policy should you qualify for a claim are free from tax.
As much as your financial plan should focus on building wealth, it also needs to include an estate plan that makes provision for the distribution of your wealth should you die, keeping in mind that tragedy can strike at any
As a lump sum payout, dread disease cover is designed to provide financial relief soon after diagnosis of a severe illness. Once the claim has been paid, you are free to use the money as you see fit.
You are able to transfer your policy RA to a unit trust-linked RA, although this should be done with the considered advice of a financial adviser. Such a transfer will need to take place via Section 14 of the Pension
Even once their adult children have their own homes and families, many retirees choose to hold on to the family home for sentimental reasons rather than downscaling to a more manageable-sized property. If the longer-term plan is to ultimately downscale
Even once their adult children have their own homes and families, many retirees choose to hold on to the family home for sentimental reasons rather than downscaling to a more manageable-sized property. If the longer-term plan is to ultimately downscale
If you have a sentimental attachment to the family home and are considering holding on to it, be sure to understand the financial implications of doing so. As difficult as it may be, try to remove the emotions from the
When retiring from a provident preservation fund, you currently still have the flexibility to withdrawal anything up to 100% in cash with any remaining balancing being used to purchase an annuity to provide income.
