Sense and sensibility
treat your cold, called flu.
But all this doesn’t bring me any closer to the R800/month hospital plan for my very healthy children. So I started looking for one that would cover them against accident injuries requiring hospitalisation. There isn’t anything like it. It would be so cheap that underwriters such as Sanlam or Discovery wouldn’t earn much out of it. For the insurance brokers who have to sell it there would be even less commission – and we all know it’s commission that sells products.
There are good insurance policies against accidents. For as little as R135/ TAX PLANNING has become increasingly difficult, with amendments to tax legislation becoming a biannual occurrence and tax avoidance provisions nipping most overzealous tax schemes in the bud. However, the importance of making sense of your tax position amid an array of complex tax rules is emphasised by the fact it can become a costly exercise if too little or too much is paid over to the South African Revenue Service (SARS).
Tax dodgers – or in many cases tax ignorants – will be met with a 12,5% interest rate charged on outstanding taxes, duties and levies and interest rates payable in respect of refunds of tax on successful appeals and certain delayed refunds. That doesn’t include the new penalties imposed by Revenue at the beginning of the year for various non-compliance transgressions with an obligation imposed by the Tax and Value-Added Tax (VAT) Act. Monthly fixed penalties are levied between R250 and R16 000, depending on the taxable income of the taxpayer in the preceding tax year.
In addition, overpaying Revenue doesn’t ensure the 8,5% interest rate quoted by Revenue, as it’s subject to many conditions and month a healthy 25-year-old can buy R1m of accident cover. It can be divided into two: half for death and half for the loss of limbs and similar problems. It’s a good product.
But such a policy doesn’t mean anything for somebody who’s been injured in an accident and requires immediate treatment. You’ll go to a State hospital if you don’t have your Discovery card for a hospital plan with you. That costs R800/month.
It’s actually a pity our insurers don’t create a product costing around R400 or R500/month that will give the insured – a in the process. However, it’s not an easy task to grasp the workings of income tax, as the legislation covers a very wide field, with different aspects of legislation often intricately linked to each other and having a tax guru on speed dial isn’t always an option.
Ralph Metz’s latest version of Paying Less Tax Made Simple 2009 has recently hit the shelves and might be the answer for the many tax minions out there who don’t want to step on Revenue’s toes but who also don’t want to dish out their hard-earned cash if it isn’t necessary.
To facilitate the process of gaining an
healthy young person – the following: the accident: R1m. It’s just a proposal. Those who are so clever with figures these days really should do a few sums and design a product like that. After all, that’s what the 20-to 30-year-olds need (and the fathers who have to pay), especially for children who struggle so much these days to settle down by themselves and earn their own income. is mostly applicable to the overpayment of provisional tax. Not to mention the impact of time delays of refunds on your cash flow. People are far better off investing it elsewhere or servicing debt.
It’s about finding the right balance and utilising the various concessions and allowances provided by Revenue to stimulate economic growth overall picture of tax legislation while also enabling taxpayers to examine every individual strand pertaining to their specific tax case, an extensive general index is provided in addition to the cross-references included in the text. Metz has also included a reference index that refers to the relevant section of SA’s Income Tax Act dealing with a specific issue.
Metz is a qualified attorney and advocate of the High Court of SA. He has extensive experience in the legal and financial plan- ning fields, specialising in personal income tax, retirement planning and healthcare legislation. He’s a popular speaker and lecturer in financial planning and has a knack for explaining highly technical concepts in plain, understandable language, making the information more accessible to a wide audience.
This book is no different. No hoity-toity jargon is used and most aspects are understandable. Metz also uses practical examples to explain various concepts. In no way will this book make tax and its application thereof less intimidating but hopefully it will empower taxpayers to make more informed decisions when dealing with the taxman.