![]() There are several ways to get customer support from Discovery South Africa:
Note: For specific departments such as Vitality or Discovery Life, there may be separate contact details available on the Discovery South Africa website. Click here for Quick access What about on WhatsApp? Yes, you can also get customer support from Discovery South Africa through WhatsApp. Here's how to do it:
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When you earn and/or have money, you have the ability to control how you spend it, save it and/or invest it. This is where the cardinal rule comes into play of making sure you control your money, instead of your money controlling you. Let’s first consider the difference between saving and investing. Whether you set aside extra money in a physical piggy bank or your bank account, the act of saving is simply storing away any extra cash to use later. People save for various reasons, but the ultimate reason is to gather a certain amount to spend later or ensure a comfortable retirement. Investing involves putting money into instruments like shares, bonds, property etc. to achieve a certain goal. Different investments have different risk and return profiles, so an investor’s portfolio will vary based on the goal. During 2022, we saw significant movements in global markets, from both an equity and fixed income perspective. Risk-off, fear and uncertainty were the order of the day. On the local side, markets held up relatively well in comparison and it left local investors puzzled. Weak growth, a record amount of loadshedding, high interest rates and an uncertain global backdrop are all factors that should send investors running for the hills, but local seems to remain lekker. Year-to-date, there has been a healthy rebound in asset prices as inflation numbers are starting to ease, China is reopening and Europe seems to be more resilient than what the market initially expected. The JSE All Share Index reached an all-time high in January 2023, despite the uncertainties our market currently faces. How is that possible you may ask? Minimum investment R100,000, five-year term. For more information, email [email protected] or book a discussion with Kevin Yeh: https://calendly.com/daberistic/15min
On Friday 24 February, the Financial Action Task Force (FATF) announced its decision to greylist South Africa. The decision has had both a reputational as well as economic impact on the country. With this said, the true impact of the news will only be revealed with time. Background In October 2021, the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, identified key weaknesses in some of South Africa’s financial regulations. South Africa was subsequently allowed to address these weaknesses and report back to the FATF as to how these weaknesses would be addressed (within roughly 12 months).
Where The Tax Comes FromHighlights Of The BudgetSome of the things that stood out was incentivisation of rooftop solar, energy support packages as well as relief in terms of personal income tax. Energy support package
Income Tax - Individuals & TrustsDividends: Dividends received by individuals from South African companies are generally exempt from income tax, but dividends tax, at a rate of 20%, is withheld by the entities paying the dividends to the individuals. Interest: A final tax at a rate of 15%, is imposed on interest from a South African source, payable to non-residents. Interest is exempt if payable by any sphere of the South African government, a bank, or if the debt is listed on a recognised exchange. Capital Gains Tax: Maximum effective rate of tax: Individuals and special trusts 18%, Companies 21.6%, Other trusts 36% Travelling allowance: Rates per kilometer, which may be used in determining the allowable deduction for business travel against an allowance or advance where actual costs are not claimed, are determined using the table published on the SARS Click here to view Transfer Duty: Transfer duty is payable at the following rates on transactions that are not subject to VAT: Acquisition of property by all persons: Income Tax - Companies1. Small Business Corporations Taxable Income Rate of Tax 1 – 95 750 0% of taxable income 95 751 – 365 000 7% of taxable income above 95 750 365 001 – 550 000 18 848 + 21% of taxable income above 365 000 550 001 and above 57 698 + 27% of the amount above 550 000 2.Turnover for Tax For Micro Business Taxable turnover (R) Rate of tax (R) 1 – 335 000 0% of taxable turnover 335 001 – 500 000 1% of taxable turnover above 335 000 500 001 – 750 000 1 650 + 2% of taxable turnover above 500 000 750 001 and above 6 650 + 3% of taxable turnover above 750 000 Other Taxes, Duties and LeviesValue-added Tax (VAT): VAT is levied at the standard rate of 15% on the supply of goods and services by registered vendors. A vendor making taxable supplies of more than R1 million per annum must register for VAT. A vendor making taxable supplies of more than R50 000, but not more than R1 million per annum, may apply for voluntary registration. Certain supplies are subject to a zero rate, or are exempt from VAT. Estate Duty: Estate duty is levied on the property of residents and the South African property of non-residents, less allowable deductions. The duty is levied on the dutiable value of an estate, at a rate of 20%, on the first R30 million, and at a rate of 25% above R30 million. A basic deduction of R3.5 million is allowed in the determination of an estate’s liability for estate duty, as well as deductions for liabilities, bequests to public benefit organisations, and property accruing to surviving spouses. Donations Tax: Donations tax is levied at a flat rate of 20% on the cumulative value of property donated since 1 March 2018, not exceeding R30 million, and at a rate of 25% on the cumulative value of property donated since 1 March 2018 exceeding R30 million. The first R100 000 of property donated in each year by a natural person is exempt from donations tax. Securities Transfer Tax: The tax is imposed at a rate of 0.25 % on the transfer of listed or unlisted securities. Securities consist of shares in companies or member’s interests in close corporations. Tax on International Air Travel: R190 per passenger departing on international flights, excluding flights to Botswana, eSwatini, Lesotho and Namibia, in which case the tax is R100. Skills Development Levy: A skills development levy is payable by employers at a rate of 1% of the total remuneration paid to employees. Employers paying an annual remuneration of less than R500 000 are exempt from paying skills development levies. Unemployment Insurance Contributions: Unemployment insurance contributions are payable monthly by employers, on the basis of a contribution of 1% by employers and 1% by employees, based on the employees’ remuneration below a certain amount. Employers not registered for PAYE or SDL must pay the contributions to the Unemployment Insurance Commissioner. GrantsUpdated increases in social grants are as follows:
The need to prepare financially for funerals is one of the major drivers of insurance in South Africa. This has resulted in a highly accessed market with a number of providers across the industry. With policyholders demonstrating significant differences in mortality risk, combined with minimal underwriting, large cross subsidies are inherent in the market today and present a clear opportunity for disruption. Discovery Funeral Plan 2.0 Discovery now brings you a unique policy that not only covers these costs ,but also provides additional value through discounts and premiums back in cash. If you would like to apply for funeral cover contact Namhla email: [email protected] tel(011)658-1333
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