I received another unsolicited email today from an operation called “savemoney.co.za” about a tax-free savings account.
It’s just Old Mutual in disguise and despite claiming to offer the “best tax-free savings account in South Africa” a little digging shows that this is VERY far from the truth.They are, in fact, ripping off poor, unsuspecting and ignorant people. Continue reading Talk about a wolf in sheep’s clothing
A few years ago, during the National Budget Speech, government put a cap of R350k pa on retirement contributions. It appears that no one at treasury has given this much thought Continue reading It’s time that treasury stopped being short-sighted when it comes to the wealthy!
Am I the only one who dislikes Tax Free Savings Accounts (TFSA) and all the hype that goes with them?
Let’s take a step back before getting all excited about TFSA’s. They were introduced (by Government) to encourage non-savers to save and unfortunately, Continue reading The great Tax Free Savings Account con!
Not content with being lambasted by the tax ombudsman’s office, SARS now seem to be making up their own rules as they go along. Continue reading More SARS flu
You know that SARS is really in a mess when they still insist that Internet Explorer is the “safest” browser. It is also the only browser in which their efiling application functions correctly. How is this possible in 2017? Continue reading “Internet explorer is the safest browser” SARS*
The tax ombudsman recently made damning findings about SARS unreasonably delaying paying refunds. SARS, of course, denied that there is anything malicious in this. However, experience seems to show that they are still very much applying stalling tactics in their desperate search for funds. Continue reading SARS still employing delaying tactics
Something seriously dodgy is happening at SARS – just had the 3rd case of them rejecting an RA tax certificate as proof of contribution to an RA. They are insisting on proof of contributions (since inception). Shouldn’t be too difficult to obtain but so much additional work – and on what legal grounds?
Worse still is that they have applied the same ruling to pension and provident fund contributions and are insisting on proof of contributions to the fund – not that easy to get! And more costs to the tax payer.
And in a separate ruling, they went back to a 2014 tax return and outright declined the RA deduction – no reasons given and penalties imposed for underpayment of tax and outstanding interest. The call centre was clueless and the only possible reason they could offer was that the contribution was “too large”. Insanity! So it’s an objection and lots more cost to the client (who will win this one).
There are many with strong opinions about the merits of a share portfolio versus a unit trust portfolio. Here’s another one (strong opinion) in favour of a unit trust portfolio.
Continue reading UT or share portfolio
Just received a revised assessment from SARS for a client for the 2014 tax year, disallowing her retirement annuity contribution and thus resulting in a revised assessment and penalties!!!
Continue reading SARS – touching lives negatively
At first I thought that maybe it was only me and that the settings on my computer must be faulty – turns out it’s not me. It’s everyone who uses efiling…
Continue reading Bad design – come on SARS