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 Source: Morningstar
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The tax filing season for individual non-provisional taxpayers will start on 7th July 20223. We would like to remind you to submit your tax return in good time. According to SARS official media release: Here are the dates and criteria for the 2023 Filing Season: Individual taxpayers (non-provisional): 7 July 2023 @ 20:00 to 23 October 2023 Provisional taxpayers: 7 July 2023 @ 20:00 to 24 January 2024 What’s new? Pre-population of ITR12 Third Party Data in preparation for the opening of Filing Season 2023: Please be advised that in preparation for the opening of the Personal Income Tax Filing Season in July 2023, between the period of 2 June 2023 until the opening of Filing Season, there is a possibility that the prepopulated data reflecting within your Personal Income Tax or Provisional Tax returns requested via eFiling, the SARS Mobi application or via a SARS Branch Office during this period, will pre-populate but may not be comprehensive until Filing Season is officially opened to the public. Have you received an Auto Assessment? Between 1 July and 7 July 2023, taxpayers will be notified by SMS or email if they were selected to receive an auto-assessment. Should you receive the SMS, the next step for you would be to review the auto-assessment on the SARS MobiApp or eFiling.
How is Auto Assessment different this year (2023) from last year (2022)? Last year you had 40 days to file a return if you were not happy with your auto-assessment, but this year we are giving you until the due date of 23 October 2023. If an auto-assessment has been issued after 23 October 2023 the 40 business days will start on the date of the notice of the assessment. What to prepare before filing starts?
Source: SARS By now you should have received tax certificates from financial institutions in the months of May and June to assist with your tax filing. These include tax certificates from the medical aid, banks, life insurance companies and investment companies. Check your email inbox and junk folder, search for the keyword "tax certificate" to find relevant emails. Download the attached tax certificates in a folder on your local drive or cloud storage for tax filing. Discovery Health: The email from Discovery Health looks like the following: Tax CertificatesBy now you should have received tax certificates from financial institutions in the months of May and June to assist with your tax filing. These include tax certificates from the medical aid, banks, life insurance companies and investment companies. Check your email inbox and junk folder, search for the keyword "tax certificate" to find relevant emails. Download the tax certificates in a folder on your local drive or cloud storage for tax filing. Allan Gray To view and download your latest and historical tax certificates, log in to your secure online account at www.allangray.co.za and navigate to ‘Statements & documents’ >> ‘Tax certificates’.
If you have difficulties downloading your tax certificates, or require the service of a tax practitioner, email to [email protected] and our team will gladly assist you. The failure of three US regional banks as well as the collapse of global investment bank Credit Suisse has sparked fears of a looming global banking crisis in the first half of the year. Concerns around a run on bank deposits and a contraction in lending have contributed to relatively widespread pressure on global banking stocks as investors consider the risk of contagion spreading across the sector. South African banks have also come under pressure as investors have generally sold down holdings of perceived risk assets during a turbulent time for capital markets. A systemic banking shock would have especially adverse implications for markets with the experience of the 2008 financial crisis providing a gloomy backdrop for a potential fallout. ![]() Several South African insurance companies are excluding damages related to the possible failure of Eskom’s national grid, which could result in a catastrophic event. “This decision has arisen as reinsurers have indicated they would not provide coverage in event of a total grid failure. This effectively leaves insurance companies with no option but to consider grid failure as an uninsurable risk,” says Guy Jameson, Sales Operation Consultant at GIB. Sasria has also stated that it would not be liable for any pay-outs in the event of a total grid failure, because loadshedding is not an insurable risk. Although the country has not suffered a total grid failure, insurers are seeing increasing claims following loadshedding to clients’ equipment. Loadshedding is different from a grid failure, so some insurers have not excluded claims following a power surge, even though loadshedding is not an insured peril. Companies need to start thinking about disaster management plans in the event of total grid collapse. There are warnings of possible looting and civil unrest, with the consequences of severe damage to infrastructure across the country and where Eskom would likely face difficulties in getting the grid operational due to its extensive national footprint. Although the likelihood of a total blackout is low, the consequences of such an incident could be devastating, making it worth preparing for. Although a total blackout presents several dangers, the primary threat is the time it takes to bring a system back up from that total collapse with estimates stretching into weeks rather than days. Major considerations for organisations developing blackout plans are the eventual failure of South Africa’s telecommunications networks and financial systems together with water and fuel shortages. “This scenario could see current logistics and supply chains becoming unstable, increasing the potential for fuel shortages. Generators requiring diesel could become less reliable than backup solutions such as solar-powered systems. From an IT perspective, regular data backups are always a must for any business but considering possible eventualities, they are now more important than ever,” adds Jameson. Experts are suggesting that business continuity planning for load-shedding and grid failure are very different. The first can usually be managed within the business premises, with on-site power, water and other backups which will allow the business to continue to operate efficiently for a few hours. However, in the case of a large-scale outage, the same is required but for a greatly extended period and in addition to backups for critical resources that cover tech, telecoms, water supply and logistics. GIB says initial commentary from insurers has been somewhat ambiguous in terms of what is covered and what is not. What seems to be clear is that there is a definite push to avoid any losses associated with grid failure. “This raises questions around consequential loss and whether it can be directly associated with a particular claim. If grid failure results in any other public supply being affected (for example, water), then any consequential loss might also not be covered,” he says. So, what exactly will be covered? “If a defined event takes place at your premises as a direct result of grid failure (fire, stock deterioration that has caused financial loss to the business), there will be no cover. Should this occur, you need to consider the consequences of this with your insurance advisor so that a well-considered and structured response is in place,” says Jameson. Glossary of terms: The different terminology relating to power failures can become quite confusing, so in short: Loadshedding is a controlled interruption of the electricity supply to the public, to prevent damage to the electricity grid. Grid failure occurs when there is more electricity demand on a network than available supply, which loadshedding has helped to avoid for years. When demand exceeds supply, it will cause an imbalance in the system, resulting in the grid operating at a lower frequency than what it is designed for, resulting in a total or partial interruption, interference, suspension, blackout, and/or failure of the electricity grid supply. A power surge is a sudden rapid variation of the voltage magnitude / electrical transient voltage or a power spike in any electrical system. Due to its sudden unforeseen nature, insurers invariably cover losses due to these occurrences if so, stated in their insurance schedule and mainly relating to mainly domestic, but have capped their exposures to certain limit. Source: FA News Written by: Guy Jameson, Sales Operation Consultant at GIB In our previous living annuity article, we discussed the impact of drawdowns and volatility in a living annuity portfolio, and how to choose an acceptable drawdown rate. This was done to provide context about choosing the right drawdown, so you do not run out of funds. It’s every retiree’s goal to not run out of money in retirement. Without the comfort of a defined-benefit plan that pays out guaranteed income, many retirees are left to generate cash flows from their investments exposed to the market. It is therefore important to have a portfolio that is geared towards generating healthy growth and returns, offers protection and is cost-effective, to ensure a long-term capital pool to draw an income from. As with the very best sporting teams, every asset in a portfolio plays a role—some assets are more proficient at defence and others press forward to attack—but they need to work together. It is also this cohesion that makes great portfolios. 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 ![]() The first tranche of the Discovery Capital 200|300+ had an overwhelming response. Due to demand from the market, Discovery will make another tranche available from 15 May 2023 to 19 June 2023 on the Discovery local Endowment. The Discovery Capital 200|300+ July 2023 tranche, similar to its predecessor, will give clients the possibility of 100% growth if the global share basket is flat or positive. It will also offer an additional 100% growth if the global share basket is up by more than 40% over the five years. Growth is before the effect of fees and taxes. With a global portfolio linked to 20 companies in Europe and the United States of America, clients can also get enhanced upside returns with downside protection, hedged against currency movements. In addition, they'll have access to a boost of up to 20% on new lump sum Endowment Plans. How it works The growth clients can get
Clients will get 100% growth if the underlying global share portfolio return is flat or goes up by as little as 1% over a five-year period. If the global share portfolio grows by 40% or more, over the same period, they will get an extra 100% growth. If the global share portfolio goes up by more than 200% over five years, clients will also receive any additional growth above that level. Clients will also receive downside protection Should the portfolio fall by up to 30% during the five-year term, downside protection will kick in. Should the global share portfolio fall by more than 30% from its initial level at any point during the five-year investment period, the downside protection will fall away. The downside protection will provide clients' initial capital back, before the effect of admin fees, advice fees and taxes. The growth, conditional downside protection or any other resulting return is before the effect of advice fees, Discovery admin fees and taxes where applicable. These fees and taxes will affect the final return. Clients can enjoy a boost of up to 20% on client investment In addition to the return of the Discovery Capital 200|300+ Fund, clients can get a boost of up to 20% on their investment if they take out a new Endowment Plan. Clients will receive a portion of the boost after five years, and the rest of the boost after 10 years. For clients with an existing Endowment Plan, the boost will not apply to transfers into the Discovery Capital 200|300+ Fund from non-qualifying funds. This offer is available on our lump sum Endowment Plans from 15 May 2023 to 19 June 2023. To apply for the Discovery Capital 200|300+ (July 2023 tranche), contact Kevin or Sandra in our Investment department, email [email protected], tel (011)658-1333 Source: Discovery |
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