Hoping the Receiver of Revenue or your employer’s accounts department has or will make a mistake that results in you getting a refund this tax season is not the best strategy for getting money back from the taxman. But there is a legitimate way to get some of the tax you have paid back – and it’s guilt-free and 100% good for you.
It’s too late now to do anything for this year’s return, the tax season already being upon us. But there is a way to make return season next year that much sweeter, at the same time as looking after your future self. It is hard to believe when you put it like this but the bottom line is: You can build a nest egg for your future self and get the taxman to partially fund it.
Proceed to Source : Daily Maverick
The tax season is upon us, with the usual angst of having to get our financial ducks in a row or risk posting an incorrect return and getting audited.
If you are a salaried employee your scope to lower your tax burden is quite limited, says Steven Nathan, founder and chief executive of 10X Investments.
“Most of the deductions require that you spend money first, for example, by making a donation, incurring legal or medical expenses, or paying income protection premiums. You can claim those deductions if you incurred these expenses, but it makes no sense to incur them just to save tax,” he said.
Proceed to Source : BusinessTech
Less than half of millennials are saving for retirement through pension or provident funds, with shifting perceptions by younger investors offering both opportunities and difficulties for financial services companies, according to research conducted by Old Mutual Unit Trusts.
Old Mutual’s survey suggests millennials are saving but not investing, reflecting a trend analysts say is putting increasing pressure on the fees that asset managers are able to charge.
It may also prompt consolidation within the financial services sector.
Proceed to Source : Business Day
Albert Einstein is rumoured to have described compound interest as the 8th wonder of the world, the story goes that he went on to say, “He who understands it, earns it. He who doesn’t, pays it.” Whether this can be attributed to the great mathematician and physicist or not, the value of compound interest has been spoken about by experts in their fields. To understand the wonder of compound interest and how to make it work for you, see what a few experts say about it.
Proceed to Source : News24
South Africa has a poor record when it comes to saving for retirement.
“South Africa’s retirement landscape looks terrible,” says 10X Investments chief executive officer, Steven Nathan. Citing the National Treasury, he said that as many as 94% of South Africans can’t afford to retire.
Proceed to Source : BusinessTech
Financial services firm 10X Investments has launched a new portal that enables clients to take charge of their own retirement plans.
Customer using My10X, which has been designed as mobile-first application, have access to all information about their retirement plan and investments. They can also make adjustments – such as change a beneficiary, increase a debit order, or make an additional once-off contribution – using their phone.
The service was made available to clients on the weekend by way of a soft launch, 10X told BusinessTech.
10X Investments founder and CEO, Steven Nathan, said My10X enables clients to plan, invest and monitor their retirement savings on their mobile phone or desktop.