IOL Money - May 2022 - YOUR TAXES by Independent Media Digital Magazines

IOL

MONEY MAY 2022

YOUR TAXES

CONTENTS FEATURES 7 common taxes you pay

Reduce your tax bill by saving more for retirement

Working from home: what you can deduct for tax purposes

What you need to know about capital gains tax

REGULARS Money Basics with Martin Hesse

Fact File: Taxes on retirement fund lump-sum benefits

Planning Perspectives with Palesa Tlholoe

Important contacts & links

FROM THE EDITOR While some people might find it distasteful to pay taxes, I don’t. I find it patriotic – MARK CUBAN

American billionaire entrepreneur

@PERSONALFINANCE

CONTACT US PUBLISHER Vasantha Angamuthu vasantha@africannewsagency.com MONEY EDITOR Martin Hesse martin.hesse@inl.co.za DESIGN Mallory Munien mallory.munien@inl.co.za PRODUCTION Renata Ford renata.ford@inl.co.za BUSINESS DEVELOPMENT Keshni Odayan keshni.odayan@inl.co.za SALES Charl Reineke charl.reineke@inl.co.za INQUIRIES hello@africannewsagency.com

YOU have every right to question how effectively the government uses the money it receives from you through personal income tax, VAT, capital gains tax, duties on fuel, alcohol and tobacco, and customs, estate and transfer duties, among other things. But it’s not advisable to act on your grievances by trying to get out of paying the tax for which you’re legally liable. The South African Revenue Service is getting tougher on tax dodgers and using more sophisticated means to track them down. A red flag would be if you were driving around in a R3 million Ferrari but only paying income tax of somebody on a teacher’s (or journalist’s) salary. While tax evasion is illegal and not recommended, it is perfectly legal – and indeed encouraged – to reduce your annual tax bill through taking advantage of incentives such as tax-free investments and deductions for retirement fund contributions. And remember to ensure you deduct all qualifying expenses. The only thing worse than paying tax is paying more tax than necessary. Also, remember that the Tax Ombud, Judge Bernard Ngoepe, is there to help if you have any procedural issues with SARS. You can call the ombud’s office on 0800 662 837, email complaints@taxombud.gov.za or visit www.taxombud.co.za

Martin Hesse

COMMON TAXES YOU PAY

1. INCOME TAX Personal income tax brings in the most revenue for the government – more than VAT and more than corporate tax (not listed here). In the 2022/23 tax year, the government expects to receive about R588 billion from income tax, just over a third of the R1.6 trillion it expects from all taxes and duties. If you are below 65 years of age and earn less than R91 250 for the year, you won’t pay any income tax. (See pages 8 & 9.)

2. VALUE-ADDED TAX (VAT) This is a tax of 15% on almost everything you buy, so the more you buy, the more goes to SARS. Essential services and goods that are exempt include public transport, accommodation, illuminating paraffin, brown bread, maize meal, samp, dried mealies/ beans/lentils, tinned pilchards/ sardines, milk and milk powder, rice, fruit and vegetables, vegetable oil and eggs. Government expects R440 billion from VAT this tax year.

3. FUEL LEVIES For each litre of petrol that goes into your tank, you pay the government a general fuel levy of R3.85 (R3.70 per litre for diesel), plus the Road Accident Fund levy of R2.18 per litre (petrol and diesel), totalling R6.03 a litre. At petrol currently priced at about R21 per litre, over 30% of your fuel bill is tax. While you may think this is high, in parts of Europe the ratio is 60%.

4. SIN TAXES These are duties on alcohol and tobacco products – on top of the VAT you pay on them. They have slowly increased over the years. Whether they are much of a deterrent is debatable; they will bring in about R500 million in revenue for the 2022/23 tax year. The targeted excise tax for wine, beer and spirits is 11%, 23% and 36% of the weighted average retail price respectively, while that for tobacco products is 40%.

5. CAPITAL GAINS TAX This applies to assets you own that increase in value, such as shares in companies and property. You pay tax on the gain (in other words, your profit) between the asset’s value when you bought it and its selling. A portion of the gain (40%) must be added to your taxable income, although the first R40 000 is excluded. There are higher exclusions on residential property and the sale of assets on your death. (See pages 12 & 13)

6. DONATIONS TAX If you give money or a gift to another person or company, you, the donor, are taxed on that donation at 20%. If you are ultra-wealthy and the gift is more than R30 million, the rate is 25%. You are allowed to give money/gifts of up to R100 000 each year without paying tax, and you don’t pay any tax on gifts or donations to a spouse (but you do pay on donations to your children). You can also make tax-free donations to charities.

7. TRANSFER DUTY You pay transfer duty on the transfer of a property into your name. This progressive tax starts at zero for properties with a value of R1 million or less. For the 2022/2023 tax year, on a property of R2 million you will pay about R45 000. However, on a property of R2.5 million, just half a million more, the transfer duty doubles to about R90 000. This is just one of the expenses one needs to factor in when buying a property.

REDUCE YOUR TAX BILL BY SAVING MORE FOR RETIREMENT Your contributions to a retirement fund are tax-deductible. You’re losing out if you don’t take advantage of this incentive, writes Anna Rich. Maximising your contributions to a retirement fund – a pension fund, provident fund or retirement annuity (RA) – is the single most effective way of reducing your tax bill for the 2022/23 tax year, and experts agree it’s better to spread your contributions over the year than invest a large lump sum at the end of it. Mica Townsend, business development manager and employee benefits consultant at 10X Investments, says: “If

you’re not using the maximum tax allowance (by contributing 27.5% of the greater of your taxable income or remuneration, to a maximum of R350 000 a year, to a retirement fund), you are basically rejecting the government’s offer to return some of your taxes to you. Along with tax-free savings accounts, retirement contributions are the most tax-efficient way to save.” There are further benefits. Gareth Collier, a Certified

Financial Planner and director at Crue Invest, says: “You do not pay tax on interest, dividends or capital gains while you’re invested in a retirement fund, which offsets the negative effects of tax on your interim and future income.” For salaried employees whose benefits include an employersponsored pension or provident fund, there is generally a set range of contribution rates. “You should try to increase your contributions to a level

that you are comfortable with,” Collier says. “Contributions to your company’s retirement fund are made pre-tax, which allows you to gear up your savings to provide you with a pensionable income once retired, instead of paying taxes that will most likely not benefit you at all.” Your employer might limit the opportunity to change your contribution rate to a certain time of year. “Changes are admin-intensive, so it is easier for big corporates to do everything in one month instead of every time an employee wants to change their contribution rate,” says Collier. “Talk to your HR department about your company’s policy.” Alternatively, you could supplement your contributions to your employer’s fund by setting up an RA. And if you are self-employed, this is the appropriate vehicle for gaining the tax benefit.

WHEN TO TOP UP? As to the timing of these investments – monthly, or as a lump sum at the end of the tax year – Collier says it is not an either-or situation. “It depends how much you are able to invest throughout the year. You can do both. If your income is R15 000 a month and you receive a year-end bonus of R15 000, it is a good idea to do a monthly debit order against your income and a lump-sum investment from the R15 000 bonus to maximise your retirement contributions.” Townsend says: “There’s always a bit of a scramble in February, and some people miss the cut-off date for the tax year-end.” She recommends regular monthly contributions, rather than ad hoc annual contributions, for several reasons. “If you make a big investment in late February, unit prices could be high. It is better to spread your exposure across the year, which

evens out any volatility in the market.” Behavioural economists have observed our present bias, and one way this manifests is in the tendency to favour money in our pockets today over security in retirement. Monthly payments counter this effectively, because the amounts involved are much smaller than a large sum just before tax year-end. “Once a monthly payment is set up, you might soon not even notice that amount going off your account. It will become part of your normal expenses, like rent or your bond,” says Townsend. “Also, you will see how relatively small sums start to add up.” Contributing monthly harnesses the power of time. “Money invested at the beginning of the tax year has almost 12 months longer to compound than money you invest at the end of the year,” says Townsend. “Over time, this can put you at a significant advantage.”

HOW THE INCOME TAX BRACKETS WORK

MONEY BASICS

with MARTIN HESSE

THERE is a common misunderstanding about income tax, which goes something like this: you are due for a raise but are worried that the raise (which may be relatively small) will push you into a higher tax bracket, and this will cancel out the raise because of the higher percentage of your earnings going to the taxman. In fact, you may be worried that you might get out less after tax than you were getting before. But that is not how the brackets in the South African Revenue Service’s income tax tables work (see table on opposite page). A jump to the next bracket will never result in a reduction in income going into your pocket. As you can see from the tax table (which applies to the 2022/23 tax year), the brackets are 18%, 26%, 31%, 36%, 39%, 41% and 45%. If, say, you fall

into the 36% bracket, you are not paying 36% on all your income; you are paying 36% only on anything you receive above R488 700. You are taxed in steps. Picture the brackets as rungs on a ladder: you are taxed less on income that falls into the lower rungs than income that falls into the higher rungs. For example, say that, after deductions, your taxable income for the year is R500 000. You pay tax of: ● 18% on the first R226 000 – R40 680 ● 26% on the next R127 100 (which is R353 100 – R226 000) – R33 046 ● 31% on the next R135 600 (which is R488 700 – R353 100) – R42 036 ● 36% on the next R11 300 (which is R500 00 – R488 700) – R4 068

● Total tax before rebate: R119 830. ● Total tax after the primary rebate of R16 425: R103 405. ● Percentage of R500 000 going to SARS: 20.68% The actual percentage of your income going to SARS is known as your average tax rate. The rates indicated in the table are known as the marginal rates. So, to recap, on a taxable income of R500 000, your marginal rate is 36% (meaning that you are in the bracket whereby any additional income you accrue is taxed at 36%), whereas your actual, or average, rate is 20.68%. What if your income had been R480 000 – in other words, you fell within the 31% marginal bracket? We don’t have to go through all the sums again, because SARS has worked them out for

9 us in the table. According to the table, your tax is R73 726 plus 31% of the amount above R353 100. The amount above R353 100 is R480 000 – R353 100 = R126 900. Therefore your tax is R73 726 plus 31% of R126 900 = R73 726 + R39 339 = R113 065. If you subtract the rebate of R16 425, your final tax bill is R96 640. This translates into an average tax rate of 20.13%. So let’s revisit that original concern. Your income is R480 000 and you are worried that a small raise of R20 000 will push you from the 31% marginal bracket into the 36% bracket (which it will), resulting in less

money in your pocket. On R480 000 your tax after the rebate is R96 640, translating into an average rate of 20.13%. On R500 000 your tax after the rebate is R103 405, translating into an average rate of 20.68%. So, in this example, for an extra R20 000 income, you will pay an extra R6 765 to SARS, but R13 235 will go into your pocket. DEDUCTIONS, REBATES AND TAX CREDITS Tax terms can be confusing: among others you get deductions, rebates, and credits. ● Deductions: these are qualifying expenses and retirement fund

contributions that you can deduct from your overall (gross) income. Once you have subtracted these amounts, you are left with your taxable income for the year. It is on this taxable income that the SARS tax tables apply. In other words, deductions are applied before the tax calculation. ● Rebates: these are amounts SARS gives back to you on the tax you owe. In other words, rebates are applied after the tax calculation. ● Tax credits: these apply to medical expenses and to contributions to a medical scheme. They apply like rebates – in other words, the credit amount is given back to you after the tax calculation.

INCOME TAX TABLE: 2022/23 TAXABLE INCOME

RATES OF TAX

R0 - R226 000

18% of each R1

R226 001 - R353 100

R40 680 + 26% of the amount above R226 000

R353 101 - R488 700

R73 726 + 31% of the amount above R353 100

R488 701 - R641 400

R115 762 + 36% of the amount above R488 700

R641 401 - R817 600

R170 734 + 39% of the amount above R641 400

R817 601 - R1 731 600

R239 452 + 41% of the amount above R817 600

R1 731 601 and above

R614 192 + 45% of the amount above R1 731 600

REBATES Rebates

R16 425

Secondary

R9 000

Tertiary

R2 997

TAX THRESHOLDS Below age 65

R91 250

Age 65 and over

R141 250

Age 75 and over

R157 900

WORKING FROM HOME: WHAT YOU CAN DEDUCT FOR TAX PURPOSES Ashley Mhona and Willem Oberholzer say the part of your home designated as your office space must be used exclusively for work purposes for you to deduct a portion of the expenses relating to it.

THE Covid-19 pandemic left many people immobile and working from home, and although life has returned to normal in many respects, work practices have changed permanently – working from home, at least some of the time, is now widely accepted and practised. Can the expenses incurred as a result of working from home – electricity, rent or mortgage bond repayments – be claimed as a tax deduction against your income? The answer is not a simple yes or no. Section 23(b) of the Income Tax Act prohibits the deduction of expenditure related to premises not used for business, such as a house or domestic premises, and section 23(m) prohibits the deduction of expenditure related to employment from which you derive remuneration. However, there are viable avenues to reduce your tax liability and accommodate home office expenses. These avenues include: TAX PLANNING Sections 23(b) and 23(m) restrict the deduction of home office expenses. However, there are exceptional circumstances listed in section 23(b). Employees may deduct a portion of the expenses relating to their home office in the following circumstances: ● The home office must be specifically equipped for the purposes of your trade. Therefore, your home office must be set up

and contain equipment that proves that the space is essential to your occupation. ● The home office must be used mainly for trade purposes. This means that it must be used for more than six months of the tax year. (“Mainly” means the home office must have been used for more than 51% of the tax year or at least 187 days). ● The home office must be exclusively used for trade purposes. This means the part of the home designated as your office space may not be used for domestic purposes – for example, you cannot declare that having a desk in your main bedroom makes it your home office. ● The onus is on you to prove the above. REIMBURSEMENTS If your employer reimburses you for expenses incurred in working from home, the reimbursements have the benefit of not being taxable, as they do not constitute remuneration. However, you must bear the office expense first, and keep all invoices and receipts to be able to claim the amount from your employer, and the expense must be concomitant on your rendering services to your employer. ADVANCES FROM EMPLOYERS An advance entails receiving an amount from your employer to be used for your home office

expenses. Advances have the same benefits as reimbursements. However, the expense must also be affiliated to the rendering of your services to your employer, and all invoices and receipts must be kept. If the advance is excessive and not fully utilised by you, the employer can claim the excess from you. If the advance is deficient, you can claim a reimbursement from the employer. NO-VALUE FRINGE BENEFITS Any communication service provided to an employee will not be taxable if the service is used mainly (more than 51%) for the purposes of the employer’s business. CASUAL LOANS FROM YOUR EMPLOYER Casual loans of less than R3 000 granted by employers to employees are not taxable if granted as stipulated in the tax regulations. CONCLUSION Employers have feasible relief at their disposal to help employees working from home. However, it is imperative to note that, for any method elected, all proof of transactions must be kept. Ashley Mhona is a tax consultant at Probity Advisory and Willem Oberholzer CA(SA), MCom (Tax) is the chief executive of Probity Advisory.

WHAT YOU NEED TO KNOW ABOUT CAPITAL GAINS TAX Many people don’t realise that you pay capital gains tax only when you sell a qualifying asset, writes Martin Hesse CAPITAL gains tax (CGT), which was introduced in South Africa over 20 years ago, became effective on October 1, 2001. It operates in many other countries, including the United Kingdom, the United States and Canada. To what does CGT apply? This tax, which basically forms part of your income tax, applies to all types of property, including immovable property (a house, apartment or plot) and equity in a business. It does not apply to interest-bearing investments, such as bank deposits and moneymarket funds or to retirement fund investments. It also does not apply to what is termed “personal use items”, which include collectables such as

artworks, stamp collections and vintage cars. However, it does apply to bullion, in the form of gold coins such as Krugerrands, and foreign currencies, including cryptocurrency. Practically, you will pay CGT on: ● Your profit on selling a property; ● Your profit on selling shares in a company, either as direct owner of the shares, or indirectly, as an owner of units in a unit trust or exchange traded fund; ● Your profit on selling a small business; ● Your profit on selling a bullion coins such as a Krugerrand (but not, according to one coin website, a proof Krugerrand, which is considered a collectible); ● Your profit in a currency transaction, including

cryptocurrency. These must be once-off-type transactions. As soon as you’re buying and selling these assets regularly, SARS regards you as a trader. Instead of paying CGT, your profits are fully subject to income tax. How does CGT work for individuals? CGT only applies on the sale of an asset – you do not pay CGT on assets you're currently invested in. If you do not cash in on your gain, there is nothing to pay. If, on the sale of an asset, you make a loss instead of a gain, that loss may be offset against gains on other assets or may be rolled over to be offset against gains in the following tax year. When CGT is triggered, the gain is calculated

on the difference between the selling price and what is known as the base cost of the asset (the price you bought it for plus certain qualifying expenses). You exclude R40 000 of the gain and then include 40% of the result in your taxable income for the year. For example, the base cost of an asset is R100 000, and the selling price is R250 000. Of the gain of R150 000, you subtract the R40 000 exclusion = R110 000. Of this, 40% is R44 000. If your marginal rate is, say, 39%, you will pay tax of 39% of R44 000, or R17 160 (11.4% of the gain). Property The only expenses you are allowed to add to the base cost are those incurred in improving or enhancing the property and those incurred in selling it, such as the estate agent’s commission. You are not allowed to add day-to-day running expenses such as rates, levies, maintenance, and interest on your mortgage bond. Your primary property – the one you live in most of the time and call home – is subject to a R2 million exclusion. But secondary

properties, such as holiday homes, are not. Collective investments Did you know that each time you switch your money from one unit trust fund to another, you trigger a CGT event? This can have serious implications if you are nearing retirement and want to switch from higher-risk funds into lower-risk funds. The answer is to slowly move across funds over a number of years, trying to stay with the “exclusion zone” each time. Because of the often differing durations that units are held, resulting in varying base costs, the unit trust industry uses a weighted average unit cost, which your unit trust provider will supply on your statements and which you can use to roughly calculate a capital gain. Inflation Inflation is the one big cost that CGT does not take into account. If you buy a property for R1 million and sell it 10 years later for R3 million, a large portion of your gain is pure inflation. Is it not unfair to be taxed on this? Dale Cridlan, director at Norton Rose

Fulbright Tax Services, provides the reasoning behind the omission: "When CGT was originally introduced in 2001, the concept of explicit indexation (an adjustment to take into account inflation) was researched at length by National Treasury. “A briefing by the National Treasury’s Tax Policy Chief Directorate, 2001 stated: ‘The capital gains will not be indexed for inflation. The combined benefits of the ‘low inclusion rate’ and deferring accrued capital gains until realisation should more than compensate for the effects of inflation in a moderateinflation environment.’ “This briefing concluded that adjusting for inflation would only be necessary if anticipated inflation reached significant levels, in excess of 20%, over a prolonged period of time. As it turns out, the ‘inclusion rate’ for CGT has increased over time. Although we appear to be entering into a period of rising inflation, it does not appear from a policy perspective that the intention is to introduce any form of indexation into the CGT regime in a moderately inflationary environment,” Cridlan says.

FACT FILE

TAXES ON RETIREMENT FUND LUMP-SUM BENEFITS There are two tables for tax on lump-sum retirement benefits. The first gives the tax you pay if you cash in your retirement savings when changing jobs. It also applies to couples getting divorced where one spouse is paid out a portion of her partner’s retirement benefit. TABLE 1: PRE-RETIREMENT LUMP-SUM WITHDRAWAL R0 to R25 000

R25 001 to R660 000

18% of amount above R25 000

R660 001 to R990 000

R114 300 + 27% of amount above R660 000

R990 001 and above

R203 400 + 36% of amount above R990 000

The second table gives the tax you pay on the lump-sum portion of your savings at retirement. This lump-sum can be up to a third of your total retirement savings; the rest must be used to buy a pension. This table also applies to severance benefits when you have been retrenched, subject to certain conditions. TABLE 2: LUMP SUM AT RETIREMENT/SEVERANCE BENEFIT R0 to R500 000

R500 001 to R700 000

18% of amount above R500 000

R700 001 to R1 050 000

R36 000 + 27% of amount above R700 000

R1 050 001 and above

R130 500 + 36% of amount above R1 050 000

As one can see, the first table is far more onerous than the second. On R1 million, for example, a pre-retirement withdrawal will cost you R207 000 in tax. On a lump sum at retirement, the tax will be a great deal less: R117 000.

Planning Perspectives

HOW TO MINIMISE YOUR TAX BILL

Palesa Tlholoe

TAX! Isn’t it everyone’s nightmare? Whether you earn R220 000 or R2.2 million per year, having a chunk of your hard-earned money taken out before receiving it is not something you look forward to, right! The question should not be how to avoid or evade tax, though, but rather how to best utilise the available tax breaks to your advantage, because paying tax is just one of those things we all need to do. Here are a few nuggets you can make use of to minimise your tax: Contribute to a retirement fund This is at the top of the list because it is simple to do and available to everyone, from a selfemployed individual to a director of a big, multinational company. Every taxpayer in South Africa can contribute up to 27.5% to a maximum of R350 000 per year to a pension fund, provident fund, retirement annuity (RA) or a combination of the three. This amount will then be deducted from your income received for that tax year, reducing your taxable income such that you may even find yourself in a lower tax bracket. With an RA, if you contribute from after-tax income throughout the year, you receive your refund when you file (if you don't owe SARS anything). Should you exceed the above limits, your tax benefit rolls over to the following tax period to retirement, which will be applied to your post-retirement income if unused. Contribute to a medical scheme Not everyone can afford to contribute to a medical scheme, but if you do, you get tax credits. For the 2023 tax year (1 March 2022 - 28 February 2023), medical tax credits are R347 for the main member and one dependent and R234 for each additional dependent. For example, a family of four (two adults and two children) will get R1162 tax credits. In addition to

the medical tax credits, you may also claim on additional medical expenses for certain qualifying medical, subject to limitations. Take out a tax-free investment Ordinarily, any interest that you receive on investments will attract tax depending on the amount of interest. For individuals younger than 65, your tax-free portion is limited to R23 800, going up to R34 500 for taxpayers older than 65. This means any amount of interest above this will be taxed according to your income tax tables. Other types of taxes in these investments may include capital gains tax andr dividend withholding tax. Consider taking a tax-free investment to avoid these taxes or reduce your tax burden. For tax-free investments, you can contribute up to R36 000 per year or R500 000 in your lifetime. All your interest, capital gains, and dividends will be tax-free if you don’t exceed the maximum. To reach the R500 000 limit, you need to contribute R36 000 each year for 13 years and R32 000 in your final year. This means that all the funds and the growth thereon will never be taxed while in the fund, and when you cash the investment, it will eventually be paid out taxfree. Other tax refunds Depending on the nature of your work and your remuneration package, you can lower your tax rate if you meet specific requirements. You need to have proof such as a logbook (in case of a travel allowance or a company car), and slips or invoices for payments made in the following categories: a) Travel allowance b) Company car allowance c) Commission related expenses d) Subsistence allowances. Palesa Tlholoe, CFP, is director and wealth manager at Imvelo Wealth.

INFORMATION click on the links to visit the website

Here are sources that can help you with financial education, give you more information on savings and investments, and afford you recourse if you have a consumer complaint or a complaint against a financial services provider

FINANCIAL EDUCATION Financial Sector Conduct Authority MyMoney Learning Series https://www.fscamymoney.co.za South African Savings Institute #WaysToSave https://waystosave.co.za/ OMBUDSMAN & REGULATORS Ombudsman for Banking Services ShareCall: 0860 800 900 or phone: 011 712 1800 Email: info@obssa.co.za www.obssa.co.za CONSUMER ISSUES National Consumer Commission Toll-free: 0860 003 600 or phone: 012 428 7000 Email: complaints@thencc.org.za www.thencc.gov.za Consumer Goods and Services Ombud ShareCall: 0860 000 272 Email: info@cgso.org.za www.cgso.org.za

FINANCIAL ADVICE Ombud for Financial Services Providers phone: 012 470 9080 or 012 762 5000 Email: info@faisombud.co.za www.faisombud.co.za INVESTMENTS Financial Sector Conduct Authority ShareCall 0800 110 443 or 0800 202 087 info@fsca.co.za www.fsca.co.za LIFE INSURANCE Ombudsman for Long-term Insurance ShareCall 0860 103 236 or phone: 021 657 5000 Email: info@ombud.co.za www.ombud.co.za MEDICAL SCHEMES Council for Medical Schemes MaxiCall: 0861 123 267 Email: complaints@medicalschemes.com or information@medicalschemes.com www.medicalschemes.com

Credit Ombud MaxiCall: 0861 662 837 or phone: 011 781 6431 Email: ombud@creditombud.org.za www.creditombud.org.za

RETIREMENT FUNDS Pension Funds Adjudicator ShareCall: 0860 662 837 or phone: 012 346 1738 Email: enquiries@pfa.org.za www.pfa.org.za

National Credit Regulator ShareCall: 0860 627 627 or phone: 011 554 2600 Email: complaints@ncr.org.za or (debt counselling) dccomplaints@ncr.org.za www.ncr.org.za

SHORT-TERM INSURANCE Ombudsman for Short-term Insurance ShareCall 0860 726 890 or phone: 011 726 8900 Email: info@osti.co.za www.osti.co.za

TAX Tax Ombud ShareCall: 0800 662 837 or phone: 012 431 9105 Email: complaints@taxombud.gov.za www.taxombud.gov.za PROFESSIONAL ORGANISATIONS Fiduciary Institute of Southern Africa (FISA) phone: 082 449 2569 Email: secretariat@fisa.net.za www.fisa.net.za Financial Planning Institute of South Africa (FPI) Phone: 011 470 6000 Email: info@fpi.co.za www.fpi.co.za South African Institute of Tax Professionals (SAIT) Phone: 012 941 0400 Email: info@thesait.org.za www.thesait.org.za FINANCIAL DATA ◆For ◆ the latest financial market indicators, go to https://www.iol.co.za/businessreport/market-indicators ◆For ◆ the latest quarterly unit trust performance, go to https://www.iol.co.za/ personal-finance/collective-investments ◆To ◆ look up performance of a particular unit trust fund go to https://www.iol.co.za/ personal-finance/fund-look-up

IOL Money - May 2022 - YOUR TAXES

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