So true, school didn’t really teach us these things.

Great video Pieter!

Really informative Piet. Stay blessed young man

I'm always looking for ways to save money on taxes where I am in the United States so its interesting to see how it is done in other countries as well. Great video man!

@MoneyMarx

3 жыл бұрын

Thanks Daniel! Jah it's interesting to compare our system with others. I feel like I know a lot already about how the US system work just by following the personal finance giants on KZread, such as Graham Stephen and Andrei Jikh, but decided it will be beneficial to start my own channel and focus on our country specifically. Thanks for subscribing, I will definitely check out your videos as well. :)

@Daniel_Braun

3 жыл бұрын

@@MoneyMarx thanks! Yeah that’s a great point, US taxes get talked about a lot so that leaves a good opportunity for your channel. Good work!

@redfritz3356

10 ай бұрын

Yes, very important to distinguish between tax avoidance and tax ivation.

I am really grateful of this Chanel , Honestly you have saved me and my Financial issues 👏👏👏👏

Great presentation..

Well explained, thank you we can all do with trying to keep our hard earned money in our banks instead of parting with it to SARS. Keep it up.

Great Video Boet. Thanks

@MoneyMarx

2 жыл бұрын

Thanks for watching Percy! :)

Great video

You the best Peter

Pieter thanks for this Upload it has been a mouth full and worthy of pondering.

@MoneyMarx

Жыл бұрын

You're welcome Jay-Pee! Jah no one likes paying excessive taxes, but luckily there are many ways to legally reduce your tax bill :)

Great stuff. I still have to watch this repeatedly as I watched in passing. Thank you for taking time to make this video.

@MoneyMarx

2 жыл бұрын

You're very welcome Sethu :)

You are a legend. You are literally answering all the questions I've been struggling with. Thanks chom

@MoneyMarx

2 жыл бұрын

Haha only a pleasure man👌. Glad you found the content helpful

Succinct message. Brilliant

Amazing

Thanks. Lekker. Subscribed.

@MoneyMarx

2 жыл бұрын

Thanks Sabastian. Welcome to the family! :)

This guy is a goldmine

Capital gains tax is 7 to 18% of the gain depending on your nominal income tax rate.

Dopest Video Ever. Hands down

Thanks, This is very helpful, I appreciate that.

@MoneyMarx

2 жыл бұрын

It's only a pleasure Tbose! Thanks for watching :)

Great content. You have a new subbie!

@MoneyMarx

3 жыл бұрын

Thank you Nozi. I really appreciate it. :)

Thanks brother

@MoneyMarx

2 жыл бұрын

Only a pleasure! :)

Very informative video.

@MoneyMarx

2 жыл бұрын

Thanks Yogesh. I'm glad it was helpful. :)

Hey, Peter. May you please touch on the subject of types of interest in your up coming videos. Maybe a comparison between simple and compounding interest. Thank you

@MoneyMarx

Жыл бұрын

Hey Barileng. Thanks for the suggestion, that is an important topic that few people understand, so I think it will make for a great video! :)

Hey man, like the vid;) Just with regards to RA, don't think mentioned you will have to pay tax when the amount is claimed. From quick calculation (if you start at the age of 20 and retire at 55, earning ZAR 350 000 per year committing 15% to RA) you would have ZAR 1 850 000 (rounded) by the time you withdraw. The tax on this would be around ZAR 143,500 which would have to be paid then. Now even though this is a large amount, the alternative in not committing 15% to RA and claiming it personally would be around ZAR 630 000 paid in tax over 35 years, and then you also won't have any financial plan for retirement, unless you use the money in other way. Just a good to know either way:)

00:02 Being tax smart and investing optimally can go a long way to improve financial outlook. 01:44 Contributing to a retirement annuity can lower taxable income. 03:18 Opening a tax-free savings account allows for tax-free returns and withdrawals. 04:51 Managing tax-free savings account contributions and withdrawals 06:19 Save on taxes by considering capital gains tax and joining a medical aid scheme. 07:53 Donate to registered charity for tax deductions 09:27 Maximize tax deductions for travel, commission income, and self-employment. 11:04 Reinvesting money to grow savings and boost retirement income Crafted by GMB & MerlinAI

bro you killed this. my dad passed away and never had medical aid. i didn't know you can get guaranteed returns on med aid.

@MoneyMarx

Жыл бұрын

Hey Brandon. Yes so as long as the medical aid falls under the Medical Schemes Act , you should be able to claim back tax credits every year :)

Thanks for the video.I think there is a tax expemtion for the first R23800 gained in interest from fixed deposits.This can also help

@MoneyMarx

Жыл бұрын

Hey Jacob. Yes that's correct :)

Lord knows I needed this info thanks bro 👊🏾 Are there more than six ways to stay on the right side of SARS? If there are please share. Again thanks a lot for the info.

@MoneyMarx

Жыл бұрын

Hey man. You are most welcome. These are the most common ways. There are more, but they become quite complex for the normal individual to achieve

Hi Pieter the PBO list is missing I tried to open the file.where can i get the list plz?

I’m 21 and I want to invest , I’m really baffled on where to start . Please share your opinion where one can instantly start investing

In future Videos you doing yo Best in Mentioning you Channel more... And thanks so much for Such Eye Opening Knowledge... Yet i feel like you Can also a talk/Video more in What CAN Help Us with the Data BILLS since Most South African IN GOVERNMENT neglect beautiful Places of SA (SPRING WORLD CUP OWNERS😂😂😂😂)don't have free Wi-Fi and Network Connections/Coverage... I bet u talk about that in your Infomative Videos, 100k likes Is Possible if you BELIEVE 😎

Not for the most of us mate. a huge percentage of the country earns below the sars threshhold

@MoneyMarx

2 жыл бұрын

Hey Lindani. Jah that is unfortunately the reality. But even so, if you are able to save R100 a month, then still it would be very beneficial to invest it in a TFSA instead of a normal savings account, because R100 a month can compound to be quite a lot over 40 years with all the taxes saved so we should not underestimate the power of compound interest. It is more important to start investing early on than it is how much you have available to invest. 😀

Where do I check where I am in the R500k limit if I add and withdraw from the TFSA random years? Who is keeping track of it, is it Sars?

@MoneyMarx

Жыл бұрын

Hey Dudette. Yes your TFSA deposits and withdrawals should be reflected on your annual tax returns. Alternatively you can request the annual statements from the providers where you had your TFSA invested

Hi there. May I ask. What if you find someone who does not have any credit record. They have no shopping accounts. They have no loans on any assets or liabilities. They have no medical aid. No home that they own. The person still rents. What if this person got a big return on a forex trade a few years back when there was a pump and and person got like 20 million. They want to transfer the money into there bank account. Will they be contacted to pay tax on that money?

Yes yes. ek weet dis n ou video, maar my beleggings is onder my EE ZAR tab, maar as ek na my TFSA tab toe gaan is dieselde beleggins daar. Val dit dan automaties onder TFSA? Ek wil dan die EE ZAR verkoop en weer herkoop onder TFSA. Wat dink jy?

I earn r16 000+- a month,R192 000 pa so i fall in the 18% tax bracket. RA contibution is r800 at the moment do i have to contribute another r1600 to make my RA contribution r2400~r28 000pa then ill receive r5185 back from tax returns?

Are you allowed to have multiple tax free saving account from different banks using AuM/ Assets under Management. 2. Can you take 36.000 and put it under Tax Free saving account instead contributing monthly until you reach your 36 000 limits and invest under Assets under Management of another 15 year to achieve compound interest and dividend

@MoneyMarx

Жыл бұрын

Hey Pogiso. Yes you can have multiple TFSA's, but your annual contribution limit still applies to the sum of all your contributions across all your TFSa's. Yes you can make one lump sum contribution of R 36 000 instead of monthly contributions of R 3 000 :)

Hi i want to know i pay my retirement fro m debit order,i am paid through persal ,will my employer pick up that i ma paying for retirement?thanks

@MoneyMarx

2 жыл бұрын

Hey Agnes. Yes your employer should be able to give you a tax certificate every year for your RA that you need to submit to SARS with your tax return.

You failed to mention that the ra is taxed at retirement.

@MoneyMarx

Жыл бұрын

Yes you do pay delayed taxes on your RA investments after you retire. I did cover this in more detail in my other RA related videos :)

R 6 million in 40 years is not as much as you think.

@MoneyMarx

2 жыл бұрын

Adjusted for inflation then R 6 million will give you about R 20 000 per month in today's money, which is enough for most people. But jah if you are used to spending R40k per month then this won't be enough and you will need to supplement it with a RA or another form of discretionary investment

We are not in the top 10 of the highest-taxed countries (just saying.)

@MoneyMarx

Жыл бұрын

If you look at the tax burden per GDP, South Africa ranks number 8 in the world last time I've checked

🇿🇦❤🇿🇦

RA’s and TFSA will ensure you retire poor