World remains an oyster for the wealthy post Budget 2015

The latest budget is a bitter sweet one for high net worth individuals, with this year’s tax blow softer than expected, and good news on foreign regulations. Even though personal tax and tax on trusts have increased by 1%, and the transfer fees on homes over R2,5-million have gone up by 3%, the fact that […]

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Retirement planning opportunities in flux

By Allan Haynen, Director at BDO Wealth Advisors The 2015 budget has referred to various changes which will affect retirement planning opportunities for individuals. The widely publicised changes to taxation of contributions to retirement funds was due to take effect as from 01 March 2015 but had been postponed during the past year to 01 […]

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Property sector welcomes budget news that unlisted funds could soon enjoy REIT status

South Africa’s commercial real estate sector welcomed the announcement by Minister of Finance Nhlanhla Nene in his budget speech yesterday that National Treasury is supporting, and working towards, extending South Africa’s REIT (Real Estate Investment Trust) dispensation to unlisted property-owning companies. Impacting every man in the street through their pension savings, there are billions of […]

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Clarity on hedge fund regulation a boost to the industry

Clarity on the regulation of hedge funds, referred to yesterday by Finance Minister Nhlanhla Nene in his budget speech, is expected to help the R54 billion industry meet the challenge of growing its asset base. Mr Nene referred to range of amendments to laws that are in the offing, including those that relate to hedge […]

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Transfer duty amendment a counter-productive move

By Louis Venter, Head of Private Clients, Maitland Transfer duty on the purchase of property was been amended quite substantially in the 2015 Budget. But what has been intended as a wealth tax might backfire when the forces of supply and demand have permeated through the system. Let’s put the proposals into the practical perspective […]

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FISA comment on National Budget 2015

Closing down the abuse of retirement annuity contributions to avoid estate duty In a budget with few surprises the Minister of Finance announced several tax increases and measures to prevent tax leakage. From an estate planning perspective, the tax rate for trusts is increased from 40% to 41%, while the corporate tax rate of 28% […]

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Strides to boost small business to be praised, but higher marginal rate a concern

High to middle income earners and consumers of alcohol and cigarettes suffered the brunt of the pain meted out by the government in the 2015/16 Budget speech, but the government also made important strides to simplify tax compliance for small businesses, said Deloitte on Wednesday. Additional sources of tax revenue might have been increases in […]

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SA corporates worse-off

South African corporates will be worse off under the abolition of section 6quin tax credits which is likely to dampen trade and investment into Africa. The section 6quin tax credit arose as a result of extensive lobbying by local corporates, who were subjected to high withholding taxes in other African countries on service fees charged […]

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What the Minister of Finance said and what it means for you

Our national budget is, in many respects, no different to our own personal household budgets. Karin Muller, head of Sanlam Growth Market Solutions, explains: “Over the last couple of years consumers have experienced greater pressure on their wallets, as our income has not been able to keep up with the increased prices we’re paying for […]

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Finance Minister introduces measures to support a positive environment for small and medium businesses

By Kobus Engelbrecht, Marketing head for Sanlam’s Business Market South African small and medium businesses need a supportive environment for optimal efficiency. To this end, the Minister of Finance announced several initiatives which, if implemented effectively, will go a long way to create such an environment, says Kobus Engelbrecht, marketing head for Sanlam’s Business Market. […]

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