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“Financial emigration, also known as formal emigration, is the process of changing your South African resident status with the Reserve bank to that of a non-resident. Apart from the obvious benefit to South Africans of protecting themselves from certain local taxes and currency volatility, one of the most important benefits is that retirement savings and annuities can be withdrawn and transferred offshore, even if the person is under the age of 55.
Financial emigration has inherent benefits, like certain tax exemptions, but can also be fraught with tax-related, and other, risks if not done hand-in-hand with professional, respected service providers. Many South Africans believe they are 100% tax exempt in SA once they have formally emigrated – this is one of the biggest misconceptions.
- Tax efficiency
When considering moving your assets off-shore, it is critical that you research the tax efficiency of the recommended structures. You need to explore their nature, including where they are domiciled and the costs.
- Where is the money going to be invested?
You also need to understand how your money will be invested and whether the investment strategy will enable you to achieve your goals. The professionals who advise you must be knowledgeable about legislation in more than one jurisdiction, and the advice must take your overall financial circumstances, tax position and estate planning, into account.
People often want to keep things simple by taking wealth offshore in the form of a bank account in the interest of hedging against the rand. In this case, Mauritius is an easy option to consider, as the process doesn’t require face-to-face interviews with the bank.
Generally speaking, overseas banks request you to fill out a ‘know your client’ document which is similar to our Fica. It includes a certified copy of your passport and proof of address, CV, professional reference letter and or bank reference letter as well as proof of the source of the funds. This is not an exhaustive list and additional documents may be required.
Also take into consideration which countries are more difficult to get money out of in the case of a deceased estate and where inheritance taxes (estate duties) are high. Countries that come to mind are South Africa, the UK and the US to name a few.
- Use your foreign investment allowance
Sovereign often advises clients asking about diversification and offshore investments to use their foreign investment allowance to contribute to an international retirement scheme. Choose one that generates future retirement benefits that can be paid anywhere in the world, including South Africa. This type of retirement plan would currently be considered a tax-free pension in Guernsey. The foreign investment allowance is currently R10 million (discretionary) and R1 million (travel) but you can apply to Sars for dispensation to increase this.
Your investment can be a regular contribution and/or a lump sum that was earned outside South Africa, or you can use your foreign investment allowance. However, you can’t claim your contributions to retirement annuity trust schemes (Rats) as a tax-deduction in South Africa, as you can with contributions to a local retirement annuity fund, because the Guernsey fund is not registered under the Pension Funds Act in South Africa.
Does formal emigration mean that you are not considered a SA tax resident anymore?
Once you’ve formally emigrated for exchange control purposes, you will no longer be a South African tax resident on the condition that you don’t meet the “ordinary resident test” or the “physical presence test” – the two tests in South Africa that determine whether you are an SA tax resident or not. Therefore, your new status does not mean that you will necessarily stop paying South African taxes all together.
Sovereign outlines that if, for instance, you receive rental income for immovable property you own, then you’ll be liable for SA tax. And, if you decide to sell this property, you will also be subject to capital gains tax.
You can also throw the concept of tax migration into this mix. When you live in a country that has a double taxation agreement with South Africa and your permanent home is in that country, you will be taxed on your foreign salary in that country and not in SA. If on the other hand, you have a permanent home in that country and also in SA, then the question becomes, where is your centre of financial influence?
If the answer is permanent residency in the other country, then SA can’t tax you on your salary – but the same rules as outlined above – apply with regard rental income and capital gains tax if you rent or sell South African property.
There will still be a tax liability in SA. It is also worth noting that this also applies even when you have formally emigrated and broken your ties with SA.
There are good people with the right answers when it comes to unpacking the baggage around financial emigration and expat tax, just make sure you take off the rose-tinted shades and do the groundwork. It will make all the difference to mitigating risks and navigating the right path”
The Moneyweb article
Firstly you must make sure you have all your tax certificates ready. This includes the following:
• IRP5 Certificate/s
• Interest certificates from your local savings/cheque account or investment
• Medical aid tax certificate if you have contributed to a medical aid as documents required for amounts claimed in addition to those covered by your medical aid.
• Completed confirmation of diagnosis of disability (ITR-DD), where applicable
• Retirement annuity tax certificate if you have contributed to a retirement annuity fund
• Detailed logbook and purchase contract if you have received a travel allowance from your employer or if you were taxed on the use of a company vehicle
• Information regarding the sale of a property – this must be included for capital gains tax purposes
• The approved Voluntary Disclosure Programme (VDP) Agreement between yourself and SARS for years prior to 17 February 2010, where applicable
• Financial statements, e.g. business income, where applicable
• Any other documentation relating to income you received or deductions you want to claim
Did you know if you by contributing to a retirement/pension fund you can reduce your tax liability or increase your tax refund?
You must submit a tax return every year if you answer yes to any of the following questions (as per SARS website):
• Did you conduct any trade* in South Africa?
• Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.
• Did you hold any funds in foreign currency or assets outside South Africa that have a combined total value of more than R225 000 at any stage during the tax year?
• Did you have Capital Gains or Capital Losses exceeding R40 000?
• Was any income or a Capital Gain from funds in foreign currency or assets outside the Republic attributed to you?
• Do you hold any rights in a Controlled Foreign Company?
• Did you receive an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?
Any person who receives income (or to whom income accrues) other than a salary, is a provisional taxpayer. Most salary earners are therefore non-provisional taxpayers, if they have no other sources of income. It is important to note that receiving exempt income, as follows, does not make you a provisional taxpayer:
• If you receive interest of less than R23 800 if you are under 65; or
• If you receive interest of less than R34 500 if you are 65 and older or;
• You have income in a tax free savings account.
This year taxpayers who meet ALL of the following criteria need NOT submit a tax return:
Their total employment income for the year before tax is not more than R500 000
• They only receive employment income from ONE EMPLOYER for the full tax year.
• They have no other form of INCOME (e.g. car allowance, business income, and rental income, taxable interest or income from another job)
• They don’t have any additional allowable tax related deductions to claim (e.g. medical expenses, retirement annuity contributions and travel expenses)
DID YOU KNOW IF YOU TAKE A RETIREMENT ANNUITY THRU US WE WILL DO YOUR TAX RETURN FOR FREE THE FOLLOWING YEAR?!
CONTACT US FOR ASSISTANCE – 011 394 7511
Your Accountant/Bookkeeper is one of the most important parts of your business set-up, I would go so far as to say the MOST important part. The bookkeeper/accountant must understand business, debits and credits be in control of your company’s sales, cost of sales, debtors, creditors, VAT, tax, PAYE, bank, cash-flow etc.
In a recent study we sent out a job application for a new bookkeeper. We received more than 100 CV’s and interviewed at least 30 candidates out of the 100. The chosen 30 candidates had to write a simple test to only measure their understanding of debits and credits. It was shocking to find the lack of knowledge in a basic field test, less than 10% passed this basic test.
The scary part is that more than 90% of the candidates tested are currently doing books for businesses. I now question the accuracy of these company’s sales, cost of sales, VAT, PAYE, Tax, suppliers, debtors, bank recons etc.? And even more scary the exposure at SARS.
And that’s when it came to mind.
Should you test/check your bookkeeper/accountants knowledge? Our answer is YES!
If you are not able to carry out a test please contact us to carry out a test on your behalf and or to review the current bookkeeping work performed.
We have also found that a lot of business owners change their accountants/bookkeepers with the promise of “Tax savings”, cheaper fees and better service, right? If an accountant/bookkeeper makes these promises as part of a sales pitch, you should seriously question it.
Please remember if you are serious about running a successful business your most important “partner” in your business should be your bookkeeper/accountant, therefore please verify their knowledge and skills.
For over 30 Years Wright Business Partners has been striving to be the financial partner in their client’s business to assist the client to reach his goal – To Be a Successful Business.
Accountants are usually a friendly bunch. Like most professionals, we just want what’s best for our client. And we take pride in working with clients to get them the absolute best service – even if that means they move on to pastures new.
HOW TO BE A SUCCESSFUL BUSINESS OWNER
HERE ARE A FEW TIPS ON HOW TO BE A SUCCESSFUL BUSINESS OWNER:
- First of all you need to be passionate about your business and believe in yourself
Planning is everything, if you don’t plan you plan to fail
You MUST have daily, weekly, monthly and annual goals/targets
You MUST be able to measure/compare your goals/targets
- You have to take calculated risks, do your homework, visualize your goals and trust in yourself
- Be involved in your business and know what is happening at all times
- Prioritize your tasks so you do not overwork yourself and do not spend time on unnecessary tasks
- Take a project and complete it
- Always strive to be perfect in all aspects of your business
- Know your clients, care about your clients. A huge portion of your sales will come from referrals if you care about your current clients.
- Hire wisely as your employees are your support network, you are only as good as your worse employee.
- Never stop advertising, you must have a marketing plan.
- If you fail do not give up, rather find out why you failed in order not to make the same mistakes again
We learn more out of our mistakes than out of successes, we learn more in difficult times that in good times.
Don’t stagnate, part of your planning must be to grow your business per month per year.
Stay in your budgets (YES you MUST have budgets) don’t over spend. Most businesses goes bankrupt not because of a lack of income but because of mismanagement of the owners.
Your most important “Partner” MUST be your accountant if you don’t realize this fact your business is not going to make it.
Look after your cashflow, understand your cashflow.
Know your breakeven point.
PAYROLL MISTAKES THAT CAN COST YOUR COMPANY A LOT OF MONEY
You probably think it is just a payslip, what can be so difficult?
In the past to do your payroll was easy, but with todays new legislative requirements you will need a qualified person to take care of your payroll.
The following mistakes can harm your company:
- Not knowing what is taxable and not taxable in the hands of the employee
- Not deducting the correct tax
- Not deducting UIF for employees that works more than 24 hours per month (permanent/temporary)
- Not providing your employees with pay slips
- Not keeping a logbook when receiving a travel allowance or making use of a company vehicle for private use
- Not to be registered for PAYE, UIF and Workmen’s Compensation
- Not to be registered for Skills Development Levies if your salaries exceeds R500 000 for the year
- Did you know benefit tax is now payable on provident and pension funds and certain levies?
- Certain industries has to be registered with an Union
- Missing deadlines for statutory payments
- Poor record keeping and not having back-ups
- Not having proper employment contracts
There is so much more…
To make sure you are compliant as per law contact us for assistance on 011 394 7511
Is your Company register up to date?
IF Not, it is a reportable offence.
We specialise in Secretarial support for Companies, Close Corporation and Individuals.
We assist in the following registrations.
- NEW COMPANY REGISTRATION
- VAT REGISTRATION
- PAYE REGISTRATION
- UIF REGISTRATION
- WORKMEN’S COMPENSATION REGISTRATION
- IMPORT AND EXPORT REGISTRATION
- TRUST REGISTRATION
- CIDB REGISTRATION
PLEASE FEEL FREE TO CONTACT US.
ARE YOU READY FOR AN INSPECTION BY THE LABOUR DEPARTMENT?
Herewith the most important documents that you need to produce to an inspector:
You are required to produce the following records: which you are required to keep in terms of labour legislation, which will be inspected:
1. Employer to keep a copy of the Act or determination where applicable.
2. Attendance Register (last 2 month)
3. A signed employment contract/letter of appointment of an employee (less than 27 hrs, 40 hrs and 45 hrs).
4. Information about remuneration (pay slips/envelopes), overtime, leave pay (last 2 months).
5. Unemployment Insurance, registration number, as well as proof of last payments.
6. Compensation of Occupational Injuries and Diseases Act (COIDA) registration number as well as proof of last payments.
7. A company letter head or
8. A copy of the CIPC Certificate
9. A list containing the names and ID numbers of all employees
Please provide the Labour Inspector with copies of the above documentation and complete the form with regards the employer’s details.
iF YOU require ASSISTANCE WITH THE ABOVE OR IF YOU need US TO ACT ON YOUR BEHALF PLEASE CONTACT US:
7 Tips on how to achieve a positive mindset.
What does the power of positive thinking really mean?
Multiple scientific studies has proven that positive thinking can give a person more confidence, Improve your overall mood, and even reduce the likelihood of depression and other stress related disorders.
Positive imagery, positive self-talk or general optimism are some of the first principles for a positive mindset.
Thoughts and attitude towards life is an indicator of success or failure.
1)Focus on the present.
This exact moment
Focus on this one, individual moment. In most situations, you’ll find it’s not as bad as you imagine it to be. Most sources of negativity stem from a memory of a recent event or the exaggerated imagination of a potential future event. Stay in the present moment.
2)Find positive friends, mentors and co-workers.
Surround yourself with positive people and you will hear positive outlooks, stories and affirmations.
Finding positive people to fill up your life can be difficult, but you need to eliminate the negativity in your life before it consumes you. Do what you can to improve the positivity of others, and let their positivity affect you the same way.
Almost anybody in any situation can apply these lessons to their own lives and increase their positive attitude. As you might imagine, positive thinking offers compounding returns, so the more often you practice it, the greater benefits you’ll realize.
3)Believe in yourself.
The best approach towards positivity is to maintain your self-confidence and believe in yourself. It boosts your positivity towards each and every aspect of life. Your confidence allows you to stay tall in front of negativities and act as a barrier.
4)challenge yourself to see the positive side of things.
There both positive and negative aspects to most situations, and YOU need to choose which one you will focus on. It’s easy to see the negative. However , there is always something you can gain from almost any situation – You just have to look for it.
5) Rediscover What You are Good at.
Often we fall into negative patterns of thinking because we’ve left our comfort zone and feel “lost at sea”. In the midst of challenge, when we can’t quite see our way out yet, we tend to drop the blame for conditions on our character, or lack of it, on our abilities, or lack of it or on our ineptness in general. We forget our core competencies. And what we really love.
6) The Attitude of Gratitude.
If you mull over how the world “done you wrong”, you will spiral down into negative thinking.
But if you remind yourself – when you wake, when you’re down, when you eat, when you lie your head down at night – of the gifts you already possess in life and give gratitude, your positivity will naturally rise. Having trouble thinking of what to give gratitude for? Start with oxygen and water. A warm home. A relatively stable society. And work your way up to your loving friends and family. There’s no shortage of what to be grateful for.
7) Move More=Do More!
Exercise has a Large clinical impact on reducing depression. Simply exercise reduces stress and lifts the spirit. Exercise makes you feel energized and as a result makes you want to do more!
Have you bought the coffee station, ping-pong table, given time off, just to find the moral of the employees not be what you would like?
What makes the difference between a great boss and just a boss, I wonder?
– The first point must be THAT AN EMPLOYEE WANTS TO MAKE A DIFFERENCE AND DO A GREAT JOB!
All of these points might make you a great boss but remember to surround yourself with the correct employees as without this you will fail, no matter how hard you try! Place the right people in the right place, at the right time.
– Great bosses communicate clear visions and missions and engage with employees on how to achieve his objectives.
– They listen more often than speak
– Clear expectations should be communicated and feedback should be provided on the outcome
– Making work fun is a difficult task sometimes as some occupations are more serious than others. Arrange some form of fun outside the office is there is no alternative
– A great boss cares about his employees. Remember this is your biggest assets.
– Great bosses reward great performance!
So what type of a boss are you?
|Important SARS dates and deadlines:|
|Company tax returns for 2018||28/02/2019|
|Workman’s Compensation RMA Return of earning for 2019||31/03/2019|
|Workman’s Compensation Department of Labour Return of earnings for 2018||30/04/2019|
|PAYE – Return/payment must reach SARS on or before the 7th of every month. If the 7th falls on a Saturday/Sunday/Public holiday payments must reach SARS on the Friday/the day before the public holiday.|
|VAT – Return/payment must reach SARS on or before the 25th of every second month.|
|PAYE reconciliations for 2019||31/05/2019|
|CIPC Annual returns – Date of registration of company every year|
|Provisional tax returns for 2019/02||28/02/2019|
|Individual tax returns for 2019||30/11/2019|
|Tax returns for provisional taxpayers/members/directors for 2019||31/01/2020|
11 Tips for preparing your last will and testament.
Most people know a will is important, but many of us put off the responsibility of actually writing one.
And while it may seem like a will won’t be needed for a while, taking care of it now is an act of kindness for your loved ones – saving them time, money and potential conflict, should the unexpected happen.
Need help getting started? We’ve gathered a few pointers below:
- Seek the help of a financial advisor. Keep in mind a will that’s not properly constructed can easily be contested.
- Know the laws of your state. If you write the will yourself, you’ll need to do your homework, as estate laws differ in every Country.
- Clearly define your beneficiaries. Include full legal names, addresses and social security numbers to make sure the right people inherit the right things.
- Remember the law typically favors the current spouse. If you want others to inherit, including children from a prior relationship or extended family, make it clear in the will.
- Appoint the executor. This is not the time to worry about hurt feelings. Choose an executor with a history of financial responsibility and someone you trust to be honest and fair.
- Determine if and how the executor will be paid. The role of executor is tedious and time consuming. Often, a small percentage of the estate is appropriate compensation.
- Specify who gets family heirlooms or items of tangible value. This is often written out in a separate letter kept with the will. Making these decisions yourself can help avoid conflict between your beneficiaries.
- Appoint a guardian for minor children. If you have young children, consider who you trust to raise them in a manner that reflects your values. And establish a children’s trust to ensure their guardian has access to all necessary child-rearing funds and that your children inherit according to your wishes.
- Select witnesses and have them sign in front of you. Keep in mind that beneficiaries should not be witnesses.
- Place the will in a safe place and alert the executor of its location. If a will is not located and recorded, your wishes may not be followed.
- Update your will periodically. Has your estate grown? Have you married or divorced? Had a child? Has your executor pre-deceased you? Many issues can change how you want your estate handled, and your will should reflect those changes.
Ultimately, a will is a critical step to safeguarding your family’s future, but when you want even more peace of mind about it, Contact Charel (011) 394-7511
National minimum wage effective from January 1: what does it mean for employers, employees?
The minimum wage should be seen as an achievement for business as it demonstrates the commitment of employers to fairer wages and better working conditions
December 24, 2018
The national minimum wage will come into effect on January 1 next year, President Cyril Ramphosa announced on December 7.
“This is a great achievement for the working people of South Africa, who have had to endure generations of exploitation,” he said.
“It is a great achievement for the labour movement, which has placed this fundamental demand at the centre of its struggle for better conditions for workers,” said the President who founded the National Union of Mineworkers (NUM) with James Motlatsi and Elijah Barayi in the 1980s and became the union’s first general secretary.
He said the minimum wage set at R20 an hour (R3 500 a month) should also be seen as an achievement for business as it demonstrates the commitment of employers to fairer wages and better working conditions.
Jan Truter explains exactly what this means for employers and employees?
R20 per hour
The new minimum wage of R20 per hour applies across all sectors, with a few exceptions. The exceptions include domestic workers, farm/forestry workers and workers employed in Expanded Public Works Programmes.
The exceptions will only be temporary. It is envisaged that there will be a gradual adjustment of domestic and farm/forestry workers’ wages to come in line with the NMW. As a first step domestic workers’ minimum wages will be increased to a minimum rate of R15 per hour, and farm/forestry workers’ wages to a minimum rate of R18 per hour. The implementation dates of these increases have not yet been announced.
Immediate adjustments within certain sectors
Some sectors will have to adjust their minima upwards with effect from 1 January 2019 – these include the Hospitality Sector (where the current minimum for employers with less than 10 employees is R17.34 per hour) and the Wholesale and Retail Sector (where the minimum wage for several categories workers is below R20 per hour, the lowest currently being R16.20).
Minimum monthly wage
For employees who work 45 hours per week, the minimum monthly wage will be just short of R3900. If the contract of employment makes provision for less than 45 hours per week, the monthly rate can be less than this amount. Employers are not permitted to unilaterally reduce hours of work or change other conditions of employment in response to the implementation of the NMW.
Are benefits included?
Employers are restricted in the way that they structure the remuneration package. The NMW excludes allowances that are paid to enable employees to work (such as transport and equipment), or payment in kind (such as board or accommodation), as well as bonuses, tips or food. So, for example, one cannot argue that you pay an employee less than R20 per hour because you contribute to their uniform or provide them with meals.
Reducing hours of work
Employers are not permitted to unilaterally change working hours due to the implementation of the NMW. Any reduction of hours of work will have to be negotiated.
There is provision for employers to apply for exemption of up to a 10% reduction by means of an electronic system. At the time of the announcement of the implementation date there was no information available on how to go about this in practice.
The other important changes to labour legislation, i.e. those relating to parental, adoption and surrogacy leave, as well as improvements to unemployment benefits, have been signed into law, but the implementation dates are not known. We shall deal with these as soon as the implementation dates are announced.
ADD POINTS TO YOUR BEE SCORING !!
Did you know that Your Company CAN claim from the skills levies AND by submitting your Workplace Skills Plan you can ADD points to your BEE scoring IF you:
Contribute towards the Skills Development Levies (SDL)
- Be registered with your SETA
- Submit your Workplace Skills Plan (WSP) and Annual Training Report (ATR) for 1 April – 30 March of the following year by 30 June of that same year
If your company promotes training and learning in the workplace and you pay your Skills Development Levy every month, you are entitled to the following benefits:
- Skills development grants.
- Substantial tax allowances when you implement Learner ships in your company.
- Add points to your BEE scoring
Herewith a list of all SETA’S:
- CETA (Construction SETA)
- CHIETA (Chemical Industries SETA)
- CATHSETA (Culture Arts, Tourism, Hospitality and Sports SETA)
- ESETA (Energy and Water SETA)
- ETDPSETA (Education Training and Development Practices SETA)
- FPMSETA (Fibre, Processing & Manufacturing SETA)
- FOODBEV (Food and Beverage Manufacturing Industry SETA)
- FASSET SETA (Financial and Accounting Services SETA)
- HWSETA (Health and Welfare SETA)
- INSETA (Insurance SETA)
- LGSETA (Local Government SETA)
- MERSETA (Media, Advertising, Information and Communication Technologies SETA)
- MICTSETA (Manufacturing, Engineering and Related Services SETA)
- MQSETA (Mining Qualifications Authority SETA)
- PSETA (Public Service SETA)
- SASSETA (Safety and Security SETA)
- SERVICES SETA
- TETA (Transport SETA)
- W&RSETA (Wholesale and Retail SETA)
CONTACT US NOW FOR ASSISTANCE
PLEASE ALWAYS Check your insurance policy to avoid claims disappointment/repudiations
A recent case in the news again highlighted the need for life insurance applicants to openly disclose all vital information as this IS OF UTMOST IMPORTANCE! This includes medical history, state of health, family history and lifestyle.
Problems at claim stage can be completely avoided with full disclosure of all the required information when you take out a policy.
Having all the facts at their disposal, the life insurer’s underwriters can determine the exact risk relevant to each applicant, which sees premiums being adjusted for different risk categories. If your medical condition or lifestyle choices were considered a material risk, the life insurer may offer the cover on different terms such as a higher premium or exclusions on disability cover or critical illness benefits. In a small percentage of cases, the applications are declined.
THE FOLLOWING ADVICE HAS BEEN PROVIDED BY ASISA:
* If you have taken out a life insurance policy and suspect you may not have disclosed something that may be relevant, go back to your financial adviser or directly to your insurer and tell them you didn’t realise (the condition) had to be disclosed. The insurer will re-underwrite the policy from day one and you can negotiate to get the best terms.
* If you develop a disease/condition eg diabetes, heart problems, cancer after the policy has been put in place, it is a new condition after inception of the policy and you are under no obligation to tell them. But if you have a lifestyle change such as taking up smoking, cycling or mountain climbing after having taken out a life insurance policy, you must advise your insurer.
* Some policies seem to require a medical and some don’t. Factors such as age, past medical history, lifestyle and how much cover you need are all taken into account.
* Answer all questions truthfully and you will not have to worry about the claim stage.
Original article by IOL news, adapted by CS Wright
- Employers should be registered at SARS – AND the Department Of Labour
SARS is not the only place you should be registered as an employer.
Every South African employer should be registered as an employer at both SARS (for PAYE, UIF, and SDL) and the Department of Labour (for UIF and Workman’s Compensation).
2.There’s a cap on how much UIF you must pay
As per South African law, you contribute 1% of your employees’ salary as a UIF contribution. You also deduct 1% your employee’s salary as his or her contribution to UIF.
That amounts to a 2% contribution in total.
However, what employers often don’t know there’s a cap of R148.72.
No matter how much your employee earns, the maximum contribution will not exceed R148.72 for your UIF contribution. Your employee’s contribution also has a cap of R148.72.
3.You have to submit your monthly returns at both SARS – AND the Department of Labour
Just as people often neglect their employer registration at the Department of Labour, they also neglect their paperwork submissions to the Department of Labour.
Your monthly returns must be submitted to both SARS and the Department of Labour
- Monthly PAYE payments are due before the 7th of every month – even if it’s a weekend
There are two monthly deadlines in terms of PAYE.
First, you need to submit your Monthly Employer Declaration (the EMP201 form).
Then you need to pay your PAYE before the 7th of the following month. If the 7th falls on a weekend, you should make the payment before the weekend.
- You need to submit your Employer Bi-Annual Reconciliation Declaration twice a year
The Employer Bi-Annual Reconciliation Declaration (the EMP501) is due two times a year (due by 31 May and 31 October). You can submit it through SARS’s Easyfile system.
- Employees’ tax certificates’ are due once a year
You have to prepare your employees’ tax certificates (the IRP5 forms) once every year. This is due by 31 May.
- If you don’t calculate your tax correctly your employees might be paying too much
Nothing is as damaging to office morale than slicing down your employees’ salaries unnecessarily.
If your tax calculations (on the IT12 returns) aren’t 100% accurate, your employees will pay too much tax, or too little. This will result in employees, either getting a refund or they must pay in when submitting their annual tax return to SARS.
- You don’t have to do everything yourself
Keeping track of all your Payroll requirements can be complicated.
PLEASE CONTACT US IF YOU WOULD LIKE US TO DO ALL OF THE ABOVE FOR YOU AND SAVE YOU TIME AND MONEY.
All the above needs to be done to avoid penalties
Article by PTY Company Registration, adapted by Lizette.
6 Ways SA Small businesses can survive the dire economy:
1. EXPORT – Take advantage of the weakening rand to export
Get in touch with your local economic development office for assistance with export opportunities.
2. CASH FLOW – Protect and maintain a good positive cash flow
Pursue SMART cost-cutting measures, avoid destructive or short-sighted cost-cutting.
3. MARKETING – Market extensively
Marketing is one of the most important investments to make but also review the effectiveness.
4. INNOVATION – Maintain capital spending on innovation
Find ways to improve efficiency – to deliver the same output with less effort and cost, but not to compromise on quality.
5. NEW REVENUE CHANNELS – Create new revenue channels
Explore areas adjacent to your company’s core products or services.
Invest in entirely new products or services.
Enter new markets.
6. CUSTOMERS – TAKE CARE OF YOUR CUSTOMERS
It costs more effort and resources to find new customers than to retain existing ones.
SUBSTANCE ABUSE POLICY
- This policy applies to Wright Business Partners Pty Ltd ). Any reference to “Company” refers to any of the entities/businesses as relevant in the context and a reference to “Group” refers to all of the companies/businesses together.
- This policy applies to all permanent employees (“Employees”), fixed term employees (“Employees”) and contractors (“Contractors”) in the company together referred to as employees.
- This policy seeks to provide guidelines of how the Company may manage situations where employees are found to be under the influence of alcohol and/or narcotic substances in the workplace or work-related functions. It also aims to offer employees assistance with alcohol and/or narcotic dependency and the steps that the Company may take when an Employee discloses his/her dependency or when his/her use of these substances impact his work.
- POLICY GUIDELINES
- An employee must always be in a fit state to carry out his/her work duties when he/she is at work. An employee will not be permitted to work when under the influence of alcohol or narcotic substances.
- Irrespective of the category of employment, an employee must not be in possession and/or be under the influence of alcohol and/or narcotic substance during work hours.
- Although lunch hour is not defined as a working hour, consumption of alcohol and/or use of narcotic substance during the lunch hour is not permitted as it may leave the employee intoxicated/under the influence during working hours. Such intoxication/under the influence may have an adverse effect on the employee’s work performance.
- Certain medication may contain alcohol that may have a negative impact on an employee’s ability to perform his/her duties. The employee is therefore required to inform his/her Line Manager accordingly.
- There is no permissible and/or acceptable level of alcohol and/or narcotic substance intoxication of employees whilst at work.
- The offence of being under the influence of alcohol and/or narcotic substance is thus seen in a very serious light and will be dealt with as such in terms of the Company’s Disciplinary Code.
- PROCEDURAL GUIDELINES
- The Use of Alcohol and/or Narcotic Substance at Company Functions
- Whilst it may be unavoidable to socialise at company functions, where alcohol is provided by the Company, no person may be forced to drink alcohol. It is important to note that excessive drinking at such functions may result in an employee behaving in a disruptive manner and/or committing misconduct. It is the responsibility of an employee to ensure that he/she does not behave in a disruptive manner or bring the Company’s name into disrepute during or after such a function. The Company reserves its rights to take corrective disciplinary action against any employee that misbehaves as a result of excessive drinking at a company function.
- Employees who consume alcohol at a company function are required to ensure that they do not exceed the prescribed legal alcohol limit. In such cases where an Employee exceeds the limit, it is his/her responsibility to arrange for alternative transportation.
- Although the consumption of alcohol may be permitted at company functions, employees who drive Company vehicles will not be permitted to drive a Company vehicle after having consumed alcohol and/or Narcotic Substances. Disciplinary action will be taken against employees that drive after having had alcohol and/or Narcotic Substances.
- The use of Alcohol and/or Narcotic Substance on Company Premises
- The consumption of alcohol and/or narcotic substance on Company premises, during and after working hours will not be permitted. Should the Company plan/host a function or event on work premises, where alcohol beverages are being served, then written permission from the most senior member of management of the business site must be obtained.
- Should permission as stated in clause 4.2.1 above be granted and an employee commits an offence as a result of being under the influence of alcohol and/or narcotic substance, then disciplinary action will be taken in line with the Company disciplinary code and procedure.
- Alcohol and Drug Testing
- The Company may carry out screening and/or testing for alcohol and narcotic substance on reasonable suspicion where the Employee is suspected of having consumed/or being under the influence of alcohol and/or Narcotic Substances.
- The above-mentioned testing will only be conducted with the employee’s consent.
- In cases where the employee consents to testing be done, the Safety and Security manager or delegated person, will carry out breathalyser or arrange for other appropriate testing.
- The Company will elect a person that will accompany the employee to the medical practitioner for testing when appropriate. Alternatively, the Company will contact a medical practitioner and testing will be done on the premises in a private area, where confidentiality and dignity may be maintained.
- If the test proves that the employee is intoxicated/ under the influence and/or exhibits levels of intoxication, which affects his/her ability to perform his/her duties, the employee will be required to leave the work premises.
- In such cases where an employee exhibits signs of intoxication or being under the influence of alcohol and/or narcotic substance, and refuses to grant permission to be tested, the Company must inform the employee that refusal to consent to a test may lead to an adverse inference that the employee is intoxicated/under the influence of alcohol and/or narcotic substance. The Company has the right to take disciplinary action against such employee and in such circumstances.
- Employees that work offsite, or at the Company sites, or who operate company equipment, are required to refrain from the consumption of alcohol and/or narcotic substance during working hours. The Company has a zero tolerance for alcohol and/or narcotic substance consumption and/or being under the influence of alcohol and/or narcotic substance while working offsite, or when working at the Company sites, or when operating company equipment.
- An employee that is found to be under the influence of alcohol and/or narcotic substance, or reasonably can be presumed to be intoxicated/under the influence may be disciplined in line with the Company’s disciplinary code and procedure, and this offence may lead to a summary dismissal.
- Alcohol Dependency
- It is the responsibility of the employee to declare to the Company that they have a substance addiction/abuse problem. A declaration of such addiction may be made directly to the Line Manager and/or to the Human Resources Practitioner or Business Partner.
- Where an employee is found to be under the influence and there is compelling evidence, which indicates that there is a dependency/abuse problem (for example, late coming; excessive absenteeism or absenteeism after a weekend), then the Line Manager will investigate the matter and advise Human Resources of such dependency/abuse.
- Depending on the nature and the extent of the dependency/abuse, such assistance may involve counselling and/or treatment in a rehabilitation centre. The Company will recommend a facility, which the employee needs to attend. The employee will be given one opportunity to attend treatment in a rehabilitation centre.
- The employee will be solely liable for the expense incurred as a result of undergoing treatment of substance dependency/abuse. The employee can claim back from the Company’s medical aid for expenses incurred if this is applicable and provided for.
- Where an employee refuses to accept the Company’s offer of assistance or accepts the said offer but fails to meet the requirements of the rehabilitation agreement, and the employee has continued misuse and/or abuse of alcohol and/or narcotic substance, this may result in disciplinary action being taken in line with the Company’s disciplinary code and procedure, and this offence may lead to dismissal.
- Recognising Intoxication
- As an employer there are certain observations that can be made to determine whether an employee is under the influence of alcohol and/or narcotic substances.
- The person making such observations must use the below table as a checklist:
Look at the suspected Employee, and observe him/her carefully, indicating your observations by marking Yes / No to the below questions:
- Does the employee have slurred speech or is his/her speech affected in any way?
- Does the employee smell of alcohol?
- Does the employee have blood shot/red eyes?
- Are the movements of the employee uncharacteristically uncoordinated and/or slow?
- Is the employee uncharacteristically aggressive or overly excited?
- Is the employee uncharacteristically morose (sad, quiet, depressed etc.)?
- Does the employee sweat/perspire excessively?
- Is the employee behaving inappropriately?
- All of the above statements must be compared to the employee’s normal behaviour. If the response to the above questions is mostly “Yes”, or “Yes” to question 2 only, the Company may conclude that on a balance of probabilities there is evidence that the employee is under the apparent influence of alcohol.
- Where an employee is reasonably suspected of being under the apparent influence of alcohol, the Line Manager in the presence of a Human Resources Practitioner or Business Partner should suspend the employee for that particular day in accordance with the Company’s suspension procedure and in accordance with Occupational Health and Safety Act, 85 of 1993, which prohibits the presence of employees presumed to be under the influence of alcohol and/or narcotic substance on Company premises.
- RESPONSIBILITY AND ROLES
- It is the responsibility of all employees to familiarise themselves with the contents of the Substance Abuse Policy and to ensure adherence to the policy.
- Employees must know that being found to be under the influence of alcohol and/or narcotic substance whilst on duty will result in disciplinary action being taken against them by the Company.
- Line managers must be aware of the signs of alcohol or substance abuse and to report any suspected abuse by their subordinates.
I ____________________ ( full name and surname) take note of the contents of this policy and agree to the contents thereof. The contents is fully understood.
Dear Valued Client
A recent event that I read about made me decide, to again, reiterate the importance of Income Protection vs Capital disability. Please do not ignore this mail.
Your biggest asset is your ability to earn an income and what happens when this is not possible?
Currently most clients have Capital disability, but did you know that Lumpsum disability only pays on permanency , whereas INCOME PROTECTION WILL PAY FOR ILLNESS, TEMPORARY DISABILITIES AND PERMANENT DISABILITIES?
80% of all claims received by insurance companies, on disability , is temporary of nature and if there is no Income Protection, there is no cover.
I would therefore strongly advise that you contact us as to discuss this matter in detail before it might be too late.
DID YOU KNOW YOU CAN CLAIM A PORTION OF YOUR SKILLS DEVELOPMENT LEVIES BACK WHEN YOU SEND YOUR EMPLOYEES FOR TRAINING?
- You have to Contribute towards the Skills Development Levies (SDL)
- Be registered with your SETA
- Submit your Workplace Skills Plan (WSP) and Annual Training Report (ATR) for 1 April – 30 March of the following year by 30 June of that same year.
PLEASE CONTACT US IF YOU NEED ANY ASSISTANCE
011 394 7511
Dear Valued Clients,
In the September issue of the magazine CA (SA) Dotnews we found the following article and thought to share this with our clients:
“DO YOU NEED BUSINESS INTERRUPTION INSURANCE?”
Catastrophes like floods and fires do occur and there is insurance to cater for these types of events. There are two different types of insurance cover for these events – one to repair or replace the assets damaged (your normal insurance policy) and one to compensate you for the losses incurred during the time it takes to get the business going again. This latter one is known as ‘Business Interruption’ or ‘Loss of Profits’ insurance.
Statistics show that nearly three out of four businesses never recover from a catastrophic event and it is therefore important to ensure that your Business Interruption insurance has been carefully thought through.
What to insure for
You need to have a good grasp of your costs and expected sales and gross profit. You don’t want to underinsure so if your business is growing reflect that fact – for example if you expect 10% growth (and trends in your business justify this) show this to insurers or you won’t get paid out this additional amount.
It is important to make sure that all your projections are well grounded and can be defended as they will be closely scrutinised by loss adjustors in the event of a claim. Thus, the better you understand your costs, the less chance of having a claim either rejected or adjusted downwards.
Another critical factor is the indemnity period. This is the time you will be covered for whilst out of business. For example, if you put a six-month indemnity period in your policy, you will only get paid out for six months even if it takes twelve months to get the business back on its feet again.
Let’s look at an example…
Bernie has a cosmetics factory and his year end is 31 December.
Bernie’s Cosmetics Factory
Budget for Year R
Cost of Sales (45,000)
= GROSS PROFIT 75,000
Distribution (6,000) **
Maintenance (5,000) **
= PROFIT 29,000
On January 2, the factory burns down. It will take 12 months to get the factory up and running again.
Business Interruption Claim R
ADJUSTED GROSS PROFIT 65,000
Gross Profit 75,000
Less Purchases (10,000)
COSTS INCURRED 40,000
Preparation Cost 5,000 ***
= CLAIM 105,000 *
*Adjusted gross profit plus your incurred costs.
**Variable costs which will not be incurred in the 12-month period of re-establishing the factory.
***Putting together claims is a time-consuming task, so include it in your policy.
NB! Include VAT in the assured amount as insurance pay outs include VAT.
You can see from this simple example that this is a very complex process – spend time with your accountant getting to grips with your revenues and costs. Also use a reliable insurance broker like us of course!!
Remember that 43% of businesses that suffer a catastrophe never trade again and a further 29% go out of business within two years.
Surviving a business Crisis: Consider Your
“Turnarounds seldom turn” (Warren Buffet)
In the life cycle of any business, it will almost inevitably experience a crisis. This is always a very difficult time and it will be a test of judgement and experience how senior management respond. Usually, it will be some issue that is solvable and the business will continue to operate.
Sometimes however it is an existential threat and this will need careful thought and planning.
Stress drains your energy
Deciding whether to try and turn around a business or put it into debt rescue or liquidation is enormously stressful. Many careers and the family of staff and key stakeholders could suffer depending on the outcome.
It is unlikely there will be a second chance if the first decision made by management turns out to be incorrect.
What is the problem?
So the first thing to do is identify the core problem. There are many things to look at :
- Is your business in a mature to old stage?
- Are there disruptors in the industry?
- Is there still demand for the product or service your business provides?
- What sort of shape is your business in? Are systems and infrastructure creaking or worse?
Money, planning and analysis
Once the problem and a solution have been identified, don’t forget that turning around a business will take resources. Plan your cash flow carefully.
Business turnarounds are also high risk – remember they will often not work out. But careful planning and analysis will improve the odds of success – ask your accountants for their specialist help and advice at this crucial time.
HOW TO CREATE A BUDGET:
Creating a budget is easy, but maintaining it is difficult because of the discipline it requires. As explained below the pen and paper option because:
1) some people prefer doing things by hand,
2) going through the steps on how to create an offline budget is a good way of learning
the basic principles, regardless of format, and
3) even if you don’t plan on doing one by hand indefinitely, you might want to try it a few
times in order to reinforce those principles.
1) ASSESS YOUR MONTHLY INCOME:
Collect your monthly pay slips and calculate exactly how much you’re earning each month include
rental, interest income and other income. If you’re self-employed or do work on the side, make a
close estimate of how much you earn a month. You need to know how much money you have to
work with before you start budgeting it out.
2) LIST YOUR EXPENSES:
Fixed expenses are those that stay roughly the same each month. They include expenses like rent,
car insurance, car payments, medical aid, phone bill, and student loan payments.
3) SUBTRACT YOUR TOTAL FIXED EXPENSES FROM YOUR TOTAL MONTHLY
INCOME: The balance that’s left over is what you can work with for your variable expenses.
If your fixed expenses are more than your total monthly income, you’re in trouble, as we haven’t
even gotten to your variable expenses yet. Cut your DSTV downgrade your cell phone plan, get a
roommate to reduce rent costs, etc.
4) SET A SPENDING GOAL FOR VARIABLE EXPENSES:
Now that you are aware how much money you have to work with, you can start budgeting for your
variable expenses. These are the expenses that fluctuate from month-to-month.
Unlike fixed expenses, you have a degree of control over variable expenses; these are the
areas where you can cut back the most and start getting ahead in your finances.
This type of spending includes items like groceries, utilities, petrol, eating out, entertainment.
Set a reasonable spending goal for each variable expense.
Track Variable Spending with the ENVELOPE SYSTEM
One of the best old-school methods of keeping track of your
variable expenses is the Envelope System.
It requires you to use cash for many of your expenses, which
can be inconvenient at times, especially as more of our
shopping moves online. But if it helps you to control your
spending, then the inconvenience is worth it.
Here’s how it works:
Withdraw enough cash to cover your variable expenses like groceries and entertainment.
Get some regular mailing envelopes and label them “Groceries” or “Entertainment” or “Petrol.”
Put the amount of money you’ve budgeted for each of those categories into its respective
You can only use the money in the envelope when making purchases for that category.
When the money runs out, you’re done spending in that category for the month.
7) REVIEW YOUR BUDGET EVERY MONTH:
Each month, go over the previousmonth’s budget to see how you did.
You’ll be able to see where you did well and where you can improve.
After your review, repeat the whole process and preparenext month’s budget.
8.) START A RETIREMENT AND EMERGENCY FUND!!
YOUR 5 STEP JOURNEY TO PERSONAL
- Keep record of your emotions throughout the day
Recognise the emotion that keeps popping up – is it fear, risk-taking, money-related? If the same emotion keeps coming up, you need to recognise it and face it.
Meditation uses quite time and breathing exercise to help you became mindful. This is the foundation of more focused mindfulness.
- Exercise daily:
Besides the fact that it’s good for you from a health perspective this also teaches you discipline. Put a system in place and follow it.
- Restrict TV:
Read a book or watch YouTube instead of falling into the trap of randomly watching TV with no clear benefits.
- Look at your emotions as you would any other muscle:
Work it out. Build it up. Focus on it and recognise it as a tool that can assist or hinder you. Remember, when you build up an emotional muscle of strength, if you need to do something the answer always becomes yes. Will you get it done? YES! HOW? I don’t know, BUT I WILL!!
18 Things not to do on your tax return.
- Not declaring a bank account.
- Not declaring all your investments.
- Not filing a return if you earn less than R 350,000 a year.
- Filling in pension contributions.
- Not declaring income that has already been taxed.
- Making number errors.
- Misspelling names.
- Neglecting your records at home affairs.
- Not double-checking your IRP5.
- Not declaring rental income.
- Not claiming a tax-free reimbursement for business travel.
- Not keeping proof of medical expenses.
- Not doubling up if you are married in community of property.
- Claiming fees if you earn a salary.
- Not saving in a tax-free account.
- Not claiming for donations.
- Not declaring an investment in a venture capital fund.
- Spending your tax refund too soon.
6 Very Important steps to remember if you are in a Motor vehicle ACCIDENT!!!
STEP 1: STOP AND CALL FOR HELP
- Stop, switch on your hazards to warn other vehicles and climb out of your car if it is safe to do so.
- Call an ambulance and the police if passengers, drivers or pedestrians are injured.
You are required by law to stop your vehicle if you are involved in an accident and commuters and pedestrians are injured or killed or property is damaged. Failing to stop is considered a criminal offence.
You can also be criminally charged for failing to help someone who has been hurt in an accident you are involved in, even if the accident was not your fault. Remember, however, that as much as you want to help
injured people you should not administer first aid unless you are qualified to do so.
STEP 2: CLEAR THE ROAD
- Move any cars that are obstructing the flow of traffic, but be sure to mark their position on the road first with chalk or spray paint if available, or to photograph the scene before the cars are moved.
If a person or animal has been injured in the accident do not interfere with the evidence or move any vehicles unless those vehicles are obstructing the traffic completely.
STEP 3: ASSESS THE DAMAGE
- For insurancepurposes take photos of the accident from as many different angles as possible.
- Take close-up photos of any damage to your car and any other cars involved.
STEP 4: QUESTIONS AND ANSWERS
Take down the following information from all other drivers involved in the accident as well as from people who witnessed the accident:
- Full names and surnames
- ID numbers
- Home, cell and business phone numbers
- Physical addresses
- E-mail addresses
- Vehicle registration
- Description of the vehicles (make, model and colour)
- Names and contact details of the police officials, paramedics and tow truck drivers
- Your location: street name and suburb
- The time of the accident
- Road conditions and visibility
NOTE: You need this information if you want to submit a claim to your insurance company or the Road Accident Fund or if you want to claim the cost of the repairs to your car from other drivers.
STEP 5: REPORT THE ACCIDENT TO THE POLICE
- Report the accident to the police within 24 hours. If you are injured or in hospital and cannot report the incident within 24 hours, do so as soon as you possibly can and explain why your report is delayed.
NOTE: It is an offence not to report an accident in which another person has been injured or in which someone else’s property has been damaged even if neither of the parties intends taking legal action.
STEP 6: REPORT THE ACCIDENT TO YOUR INSURANCE COMPANY
- Report the accident to your insurance company and submit a claimwhere relevant.
NOTE: Report the accident to your insurance company even if you don’t intend submitting a claim to them. This is important because if you caused the accident another party involved in the accident may wish to make a
claim against your policy.
- Don’t admit liability for the accident, even if you think that you may have caused it
- When making your statement to the police give only the essentials and do not sign a written statement without first consulting your insurance companyor an attorney
- Don’t allow your vehicle to be towed by any towing service other than your insurance provider‘s authorised towing service
- If you don’t have tow cover with your insurance companyask the tow truck driver for a quote before your vehicle is towed away
- Write down the name, contact details and vehicle registration number of the tow truck driver and find out where your car is being taken
Important information relating to personal asset insurance and Life assurance
Dear Valued Clients
This is just a kind reminder to please advise us in writing should any material facts have changed with regards to your insurance/ assurance.
Although the information below is just an indication of the important facts relating to your policies, it is not limited thereto and should you feel that any information not mentioned below could be relevant, rather let us know!
Personal asset insurance: ( Household and vehicle insurance etc)
– Have you checked that your car details are correct on your policy schedule?
– Are the regular drivers correctly stated on the policy?
– Are you aware of your excess?
– Do you need credit shortfall if you owe the bank more than the value of the car?
– Is the use of the vehicle correctly stated on your policy? Private or business?
– Have you tested your tracker device recently?
– Do you comply with the security requirements as per your policy document such as an immobilizer or tracker?
– Is the overnight and daytime address of your vehicles correctly stated on your policy?
– Are you the registered owner of the vehicle or is there an insurable interest between you and the registered owner?
– Is your home address correctly stated on your policy?
– Is your burglar alarm in working order and is it connected to an armed response should this be a requirement of the insurers?
– Do you have the necessary minimum security as stated on your policy?
– Did you specify your expensive items used outside your home?
– Did you remember to advise your insurers that you made some alterations and that the sum insured’s should be updated or did you buy new furniture?
– Did you check that your jewellery is kept in a safe as prescribed by your insurer?
Life insurance policies:
– Did you change your occupation?
– Are you participating in any hazardous pursuits?
– Did you perhaps change your smoking status?
– Did your job requirements change? Perhaps a good idea will be to confirm your percentage of time spent on Admin, Manual labour, Supervision and Travel during the day as this could influence a claim?
– Did your marital status change?
The questions as mentioned above are not comprehensive, so please if in doubt, rather give us a call!
Important information relating to commercial policies
Dear valued clients
This is my second instalment of things to remember that could influence a claim. This time on a commercial policy.
Please remember this is just an informative piece and could differ from insurers. Always remember to read your policy document and should you not understand or are unsure of any details that are contained in your policy, contact me immediately or arrange an appointment as I will be happy to oblige.
– Check your policy details and become familiar with what you are insured for and what not. Commercial policies are more complicated than a personal policy and never assume or think you are covered, rather check and confirm! Many of the sections have sub-sections that are not always automatically included in your policy.
– Ensure that your business description is correctly noted on your policy. This will have an impact on your claim especially when it comes to liability.
– Ensure that your motor vehicles are correctly stated on your policy document. ALWAYS REMEMBER THAT THERE MUST BE INSURABLE INTEREST BETWEEN THE REGISTERED OWNER OF THE CAR AND THE COMPANY. IF THERE IS NO INSURABLE INTEREST A CLAIM MAY BE REPUDIATED.
– Always have back-ups of your important documents stored off-site. Remember that any claim needs to be justified and as you know your own business better than anyone else, ensure that you would have this handy should this be required.
– Remember electronic equipment should always be specified in order to have cover!
– Motorvehicle values are not automatically updated. Upon renewal, please send a request and remember to include extras on your sum insured.
– When it comes to fire and storm claims, the average clause will apply should you be uninsured. Ensure that your goods and equipment are insured at replacement value at all times.
– If you are unsure, ask again. Advise us of your risks and your concerns so that these may be addressed immediately. Don’t wait for a claim to find out what you are insured for. It is very important to us to have our client’s best interest taken care of at all times!
Have a great weekend.
For more information
Proudly in association with Marais and Alcock (CA) SA Practice No. 925519A
An Authorised Financial Services Provider: 18616