![]() President Ramaphosa signed the Revenue Laws Amendment Bill into law on 1 June 2024. This means that the signing of the Pension Funds Amendment Bill is imminent and – more importantly – the two pot retirement system will roll out as proposed on 1 September 2024. Discovery has developed a user-friendly information portal that all South Africans can access to help them make informed decisions. Visit the Discovery Two-Pot Hub to learn everything about the new system. Access interesting articles, short educational videos that answer some frequently asked questions, and a first-to-market calculator to help clients understand what two-pot looks like for them. The calculator cleverly works out how much of your withdrawal will be taxed. It even tells you by how much you would need to increase contributions to make back the amount that was withdrawn. It helps to assess whether it is truly worthwhile to take funds out of your retirement. If you would like to set up an appointment with Kevin Yeh to discuss your Retirement plan or any other investments , contact Nicole, email: [email protected], tel: (011)658-1333 Source: Discovery
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What are the best investments and where will I generate the greatest return, which areas of the market are the most attractive, what products should I buy, and which providers should I use? Headlines, conversations and reading material are often centered around investment returns. These are all valid questions and certainly very relevant. While investment returns take center stage in conversations, it is only one side of the coin. The other side of the coin, that is often neglected, is your savings rate. For money to grow, it needs to be there, and saved, in the first place. The magic really happens when you combine saving and investing, we could call it the “The Ultimate Power Couple” Your browser does not support viewing inline PDFs. Click here to view the PDF. Novice investors are often overwhelmed by some of the jargon investing professionals use, to the point where it can feel almost like listening to or reading a foreign language. There's no Duolingo edition that translates financial "industry-speak" to English (at least, not yet), but the following glossary is a start. Of course, this is just the tip of the iceberg, and new investing terms come into vogue all the time. But at a minimum, the terms defined below should serve as a starting point for novice investors or those who are sometimes left scratching their heads after reading a fund manager's quarterly message. Your browser does not support viewing inline PDFs. Click here to view the PDF. ![]() The South African Revenue Service (SARS) has announced significant updates for the 2024 tax season, including provisions for solar energy and tax-free savings. The new tax season begins on 1 July 2024, with the introduction of auto-assessments. SARS has outlined six key changes for individual taxpayers, involving updates to processes, forms, and tax categories. These changes primarily address technical details, such as the timing of deductions for contributions to retirement funds and tax-free savings accounts, as well as the introduction of new subsidies. Notably, the 2024 tax year marks the implementation of the solar tax credit, and individuals who have utilized this temporary subsidy should ensure it is properly declared this year. You can read more here from SARS regarding the Tax season, SARS Tax Season. Key filing dates Please take note that previously some auto assessments received by our clients required corrections and adjustments, so don't just simply accept SARS' assessment. Review it and consult a tax practitioner if you need help. You may contact our Su-Chin Chen who is our Accountants by sending an email to: [email protected] Tax CertificatesYou should have received tax certificates from financial institutions in last few weeks to aid in your tax filing. These certificates include those from medical aids, banks, life insurance companies, and investment companies. Please check your email inbox and junk folder, searching for the keyword "tax certificate" to locate relevant emails. Download the attached tax certificates and save them in a folder on your local drive or cloud storage for your tax filing purposes. Below we indicate how you can get your tax certificate from Various providers:
Discovery Health
If you would like assistance with getting your tax certificate please contact our team on email: [email protected], tel: (011)658-1333 For our investors investing in Morningstar Managed Portfolios, click below to access the latest performance snapshot, market commentary and market performance summary:
Morningstar SA Managed Portfolios Morningstar Global Managed Portfolios (USD) Market Commentary - SA and Global Market Performance Summary - SA and Global |
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