Financial independence can be defined and measured in many different ways. Defining it is important, but what’s more important is figuring out why you want it, how hard you must work for it, and how much you want to achieve it.
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Unless you have a strong financial background which allows you to understand the various markets, investment opportunities, and different savings vehicles, then seeking professional advice from a financial advisor is the best thing you can do for yourself.
Capital gains tax forms part of income tax and is triggered when you make a profit from selling an asset that you own. The amount of tax payable is calculated according to the profit you made in the sale and not the total amount you sold the asset for.
Investing in an approved Section 12J VCC is indirectly investing in and building the South African economy. It also acts as a tax-efficient incentive for investors as it allows for a full tax deduction of the amount invested for the specific tax year.
Investing in a life insurance policy as well as disability insurance cover is one of the most important things you can do for your family.
Many people believe that having policies means that they are wastefully spending their money rather than investing it. However, policies like these are some of the most responsible ways to use your money.
Finding tax efficient investments has become increasingly important as the South African Revenue Services (SARS) makes changes to the regulations around tax deductions.
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