MEREDITH HARINGTON DECEMBER 2012 NEWSLETTER

CLIENT BRIEFING
December 2012

AVOID NEW DEBT AND REDUCE CURRENT DEBT

So you have had a rough year and the holiday season is upon us. It is time to relax and put that 13th cheque to good use. Should you spend it on a fancy holiday or treat your loved ones with expensive gifts? If you did not receive a bonus you might be thinking of taking a payment holiday on your mortgage bond. Good idea or bad idea?

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TAXMAN RELENTS ON INVESTMENT ALLOWANCE

During 1996, exchange control regulations were relaxed so that private individuals could invest certain sums of money abroad, subject to the requirement of obtaining a tax clearance certificate from the Commissioner: South African Revenue Service (SARS). The amount which could be invested has been increased fairly regularly, and the so-called foreign investment allowance, whereby natural persons may invest offshore, is now R4m per person per calendar year for taxpayers in good standing and over 18.

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