Understanding South Africa's New 'Two-Pot Retirement System' for Retirement Funds South Africa is set to introduce a significant reform in its retirement funding system with the implementation of the ‘Two-Pot system’. The Two-Pot system aims to address several key issues within the current retirement savings framework by balancing the need for long-term [...]
Persistent Emigration and Tax Misconceptions Many people still have the misconception that if they have obtained an alternative or second residency, they no longer have a South African tax obligation. This is not true. There is no other way to cease South African tax residency than to follow a formal process that [...]
Reconnecting to Reality At times share prices and even broad stock markets can appear unhinged. Wild swings both positive and negative stir investor appetite to invest more, or to run for the hills. For instance, NVIDIA, a very large company making computer processors, has risen 72% so far this year, while Boeing [...]
What does the National Budget Speech mean for you? How does the Budget affect my income? There have been no significant tax changes Government has proposed no changes to personal income tax thereby generating R15 billion to alleviate fiscal pressures; as a result, no inflation adjustments to be made to personal tax [...]
New License Plate Formatting for KZN Registered Vehicles Drivers in KZN may have noticed many cars with new type licence plates with a different format incorporating the provincial crest. The new plates came into use on 1 December 2023 and all licence plates will have to be changed to this format by [...]
New Tracker Requirements for High Risk Vehicles There has been a drastic increase in the theft and hijacking of vehicles over the past 24 months. This increase in stolen vehicles have been mostly as a result of the theft of a select few vehicles. As a result, many insurance companies have given [...]
Frequently Asked Questions: Solar Panel Tax Incentives for Individuals This post sets out the basic characteristics and requirements for the solar panel incentive announced by the Minister of Finance on 22 February 2023. This is meant to help individuals in their immediate decision making, rather than postponing any solar installation until the [...]
Toyota South Africa Issues Notice of Upgrades To Vehicle Security Systems on Selected Models Toyota South Africa has advised us they have developed upgrades to the vehicle security system on certain key models. These upgrades can be conducted by any authorised Toyota Dealer at no cost to the customer. The upgrades will [...]
Silicon Valley Bank - Overview On Friday last week, Silicon Valley Bank (SVB) was closed by US regulators after a run on the bank’s deposits occurred. In terms of assets, SVB’s collapse was the second biggest bank failure in US history. By the end of 2022, the bank had around $209bn in [...]
2023 Budget Speech Update The 2023 Budget speech was delivered against the backdrop of high living costs, a dismal unemployment rate and intensive loadshedding crippling businesses, all of which are placing severe strain on South Africa’s economic recovery and growth. Finance Minister Enoch Godongwana provided some relief by proposing no significant tax [...]
