Banking and Financial Services

In our days many consumers often turn to debt review as a solution to their financial problems. The National Debt Review Center, warns that applying for debt counselling should be carefully considered as there are both advantages and disadvantages to the process. Debt counselling was introduced in 2007, with the National Credit Act 34 of 2005 and the service was designed for consumers that are over-indebted. One of the major advantages is that debt counsellors can, negotiate with the customer’s creditors to restructure an affordable single repayment amount. Through this process, the credit bureaus are advised by the debt counsellors that the customer has applied for debt review and the customer’s credit profile will be updated accordingly, instead of credit providers pursuing with summons and judgements, which negatively affects the customer’s credit rating. The other real benefit of debt review is that it can protect your assets from being repossessed by the credit provider. Let us not waste you any more time and list you the most important benefits as well as disadvantages of debt review below. ADVANTAGES All of your debt repayments will be consolidated into one reduced monthly repayment plan. The great thing about debt counselling is that instead of paying numerous accounts, which you can easily lose track of, The National Debt Review Center will work out an amount that covers all of your repayments. This includes all your legal fees and debt review costs, with lower interest rates. Your assets, including your home and car, will be protected from repossession. If you’re fearing that your home and car will be repossessed because you’re in too deep, you’re not alone. Debt counselling will protect your assets from being repossessed as a result of defaulting on repayments. You will no longer get calls from your creditors demanding payment. Once placed under debt review, you will no longer be at risk of getting deeper into debt. The …

With the effective date of 01 March 2020 for the ‘expat tax’ drawing closer, South African expatriates, their employers and tax advisors have little time to come to grips with the impact that this tax policy and law change will have on them personally. This amendment will bring considerable change to the South African expatriate landscape and the complexities thereof demand a technically holistic and specialist approach, as well as a deeper understanding of practical issues surrounding internationally mobile employees. “There is a common misconception that once a South African resident leaves the country to take up employment abroad, their South African tax obligations fall away automatically”, says Jerry Botha, Managing Partner of Tax Consulting South Africa. “The reality is, South Africa operates on a residency-based taxation system. This means that no matter where a South African resident lives and works, they are required to disclose their earnings to SARS. A tax exemption is something which must be claimed specifically by the taxpayer and correctly assessed by SARS.” The newly released title, Expatriate Tax: South African Citizens Working Abroad and Foreigners in South Africa, unpacks the resultant tax consequences of individuals or international employees with interests in multiple jurisdictions. The first of its kind in South Africa, the title addresses the complexities of expatriate taxes from a South African perspective in a manner that speaks to the tax specialist, as well as to the concerned taxpayer. Expatriate Tax provides a comprehensive, technical and practical guide to South African tax and deals with aspects of international mobility, including work visa strategies, citizenship, retirement funding, international remuneration, international share schemes, and exchange control considerations. Judge DM Davis, perhaps the most esteemed tax expert on the Bench and now Judge President of the Competition Appeal Court, says “The increasing …

With a new wave of card-skimming hotspots, more people are going cardless Samsung Pay, the popular mobile tap-and-pay solution, is proving its worth once again in a big way. A recent article on Mybroadband.co.za has highlighted the seriousness of card skimming, which has risen sharply in South Africa. Conversely, Samsung Pay has seen a dramatic uptake in the past year, having already hit over one million transactions. Innovative services like Samsung Pay prevents criminals from cloning card details and recording consumer’s PINs through concealed hardware on point-of-sale machines. Samsung Pay negates the need to use a physical card and be susceptible to skimmers. It uses tokenisation from Visa and MasterCard to protect your physical card information, so every time you make a payment your physical card information is never used during the payment process but instead a unique cryptographic sequence is used for the transaction, which changes with every transaction made. Additional protection is provided through Samsung’s government-grade Knox security, already built-in to Samsung smartphones and watches. Card skimming is expected to increase into the upcoming festive season. It could happen anywhere when using a point-of-sale machine. This means points-of-sale devices, at restaurants or grocery stores, may not be safe. The fact is, it is difficult for consumers to remember to inspect point-of-sale machines for any irregularities every time they pay using their card. This is why South Africans are turning to the security and simplicity of Samsung Pay. It provides the functionality of a bank and loyalty card, which can be used almost anywhere* you can swipe, insert or tap a card. “Samsung Pay provides peace of mind on an unprecedented level. Additionally, our customers have wholeheartedly embraced the convenience of paying using their ever-present smartphone seamlessly and effortlessly” says Justin Hume, Director: Integrated Mobility at Samsung South …

When stock markets plummet and the word recession starts to be bandied about, it’s only natural to start questioning your financial options. Add to this uncertainty the very unpredictable job market, and one can be left feeling like the only option is to stuff what savings you have right under the nearest mattress. But is this really the best bet when it comes to managing your money? Yes, you might know exactly where it is and exactly how much of it there is, but just like a seed that never sees the daylight, the chance of your money ever growing is pretty much zero. So, how do we go about not only protecting, but growing our very fragile wealth portfolios? Firstly, it’s very important to remember one simple truth – every single day that your money sits in the bank, is a day that it’s actually costing you money. “Your funds will give you absolutely no returns sitting tucked away in your bank account, in fact, it’s safe to say that you’re losing money with each day that passes,” Says Daniel Kibel, Director of CM Trading, an award-winning online trading company with a reputation for their out-of-the-box approach to investment opportunities. So, whatever direction you decide to take, it’s really better than the one your money is headed in right now. Instead of letting your money slowly but surely deplete in a bank account, why not consider investing it, because although it might be risky, it could potentially be the beginning of big things for your cash flow. You may feel that you don’t have enough funds to make a substantial investment, but this shouldn’t be something that stops you says Kibel. “Although you may only have a small amount to invest, take some time, do some research and decide on your own personal level of risk. No amount is too big or too small, the important thing is to make sure you’re armed with adequate knowledge about what you’re investing in.” Investing is not to be taken lightly and is often fraught with pitfalls for both professionals …