Aspire Wealth Management

With tax season in full swing, it is important to ensure that you are compliant and know your status, particularly if your circumstances have changed. In some instances, South African tax residents are not required to file a tax return.

"This will likely apply to normal salaried employees whose only source of income is their salary," explains Ruan van Jaarsveld, tax manager at Hobbs Sinclair Advisory.

If you are younger than 65 years old, the tax threshold (i.e., the amount above which income tax becomes payable) is R87 300 p.a.;
if you are 65 years of age to below 75 years, the tax threshold is R135 150;
and for taxpayers aged 75 years and older, this threshold is R151 100.

Van Jaarsveld looks at the circumstances in which an individual is not required to file a tax return.

Individuals are NOT required to submit tax returns if their gross income consists solely of one or more of the following categories of income:
1. Remuneration paid from a single source that does not exceed R500 000 and PAYE was deducted.

2. Amounts received or accrued from tax-free investments.

3. South African interest income (excluding tax-free investments) less than:

a. R23 800 for individuals 65 years and younger,
b. R34 500 for individuals 65 years and older.

4. Any dividends if you were non-resident throughout the year of assessment.

According to Van Jaarsveld, the exemption will not apply if you receive any other form of income, such as taxable interest, rental income, business income, a car or travel allowance or any fringe benefit, and you are not claiming tax-related deductions or rebates i.e., travel and medical expenses, or retirement annuity contributions over and above any pension contributions made by your employer.

Happy Spring Day 🌸

Aspire Wealth turns 12 Today!! ✨🎉

Laugh a little, it’s FRIDAY

Financial Advisor: "I don't quite know how to break this to you but you're basically broke."

Wife: "He's always spending money on stupid stuff!"

Me: "Lets ask the dog if he thinks his jeans are stupid."

Thinking about retirement can be stressful

https://www.news24.com/fin24/money/explainer-what-are-my-choices-at-retirement-20220709

EXPLAINER | What are my choices at retirement? | Fin24 As you approach retirement age you will have to start making a number of decisions, including when to retire, and how best to manage your taxes.

Work smarter not harder !

Budgeting can make a bigger difference than most realize

Inflation inflating



https://www.businessinsider.co.za/inflation-in-south-africa-in-may-with-global-impact-2022-6

Inflation hit a shocking 6.5% in May – but it wasn’t quite that bad in the Western Cape | Businessinsider Consumer inflation breached the 6% targeted maximum everywhere in May, but was more muted in the Western Cape than anywhere else.

it doesn't have to be this way though haha!

Is your medical savings not surviving the entire year?

https://www.news24.com/fin24/money/medical-savings-account-exhausted-before-the-end-of-the-year-what-to-do-20220612

Medical savings account exhausted before the end of the year? What to do | Fin24 There are a number of steps you can take to make your medical scheme savings last longer. But you may have to set aside additional savings for your needs.

What Happens if you skip a payment on a life, disability or severe illness policy?

When you take out life and disability cover it should be to provide essential cover. It is therefore not an expense you should look to cut when your cash flow is tight. However, there may be times when a cash flow crisis is unavoidable, such as if you are retrenched.

The Policyholder Protection Rules issued under the Long-term Insurance Act oblige life insurers to notify you within 15 days of you not paying a premium on the due date and to give you a further 15-day grace period before you lose the cover – known as lapsing your cover.

If the premiums are paid more than once but at intervals of a month or more, the insurer must notify you within a month and give you a further month to pay the outstanding premium before the cover lapses. Some life insurers will suspend your cover after this grace period, but give you up to three months to catch up the missed premiums before your cover lapses.

Avoid a lapse

You should do your utmost to avoid letting your policy lapse because if you want to reinstate it later, your life insurer will then reassess the risk you pose to it.

You will be older and possibly have some more health issues than you did when you first took out cover and this could result in an increase in your premiums or exclusions on cover.

It may be possible to cut your life, disability and critical illness cover back to make premiums more affordable, rather than losing the cover altogether.

Check whether you can increase your cover again back to what it was before you reduced it, without any medical underwriting — that is, no tests or medical questions. Alternatively, you may be able to suspend your premiums and your cover for up to three months.

Some companies limit the number of times you can suspend and restart your premiums – known as a revival of the policy. Some companies allow you to skip a number of premiums over a period – for example six premiums over three years, but they base your cover on the premiums paid over the past six months – so your cover reduces the more you fail to pay your premiums.

December is a lot closer than we think
Plan ahead

Let the weekend begin

Wealth is Largely a result of habit.

Investing in bicycles doesn't sound that bad

20 things to do in a falling stock market!

whether it's broke or broque Don't let this be you!

To all our special lady clients celebrating mothers day today - We wish you a day filled with blessings and love.

It cannot be that bad can it

Buying your first home is a big step !


https://www.news24.com/fin24/money/money-clinic/money-clinic-im-a-first-time-homebuyer-how-long-does-the-home-transfer-process-take-20220423

MONEY CLINIC | I'm a first-time homebuyer. How long does the home transfer process take? | Fin24 Jackie Smith, head of Buyers Trust (a subsidiary of ooba Group), shares a step-by-step guide on what first-time homebuyers can expect.

https://www.news24.com/fin24/markets/markets-rise-but-inflation-haunts-outlook-20220414

Markets rise but inflation haunts outlook | Fin24 Asian and eurozone stocks rose Thursday after a recovery on Wall Street, but investors remained cautious about the ongoing impact of skyrocketing inflation and the war in Ukraine.

How credit works



https://www.news24.com/fin24/money/money-clinic/money-clinic-what-does-credit-actually-cost-20220409

MONEY CLINIC | What does credit actually cost? | Fin24 Credit is an important part of an adult's life. Whether you need a home loan, financing for your side hustle or paying for your child's education, it has become a key step and, if used correctly, can enhance your financial well-being.

Dont let this be you! Get a financial planner!!

Green finance in South Africa



https://www.news24.com/fin24/economy/climate-action-sas-finance-sector-can-now-track-green-activities-20220404

Climate action: SA's finance sector can now track green activities | Fin24 A new classification system for finance sector players to track, monitor and demonstrate the credentials of its green activities has been launched.

Let the weekend begin!

Virtual is the new reality. You may know what metagaming is, this is how metaverse will affect the financial planning industry


https://www.moneyweb.co.za/moneyweb-opinion/what-does-the-metaverse-mean-for-financial-planning/

What does the metaverse mean for financial planning? It's worth thinking about.