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Households’ real net wealth increased by more than R1 Trillion since the first quarter of 2020 - wealthiest 2% households own almost 50% of the wealth, but be careful with the interpretation. SUMMARY South African households’ real net wealth increased by an estimated R1 009.1 billion (R1.009 trillion) from the onset of the second quarter of 2020 (Q2 2020) to the end of the year (Q4 2020). This happened despite COVID-19, the lockdown, job losses and an economic contraction. Th
What is the potential of S12J investments? In our previous article, we described how S12J investments is designed to boost the local economy. Section 12J of the Income Tax Act stipulates that taxpayers who invest in qualifying S12J companies can deduct 100% of their investment against their taxable income in the year they invest  and how Investors benefit from up to 45% in immediate tax relief , reducing the cost of the investment, providing downside protection and enha
Highlights Headline consumer price inflation rose to 3.2% year on year in January 2021 from 3.1% in December 2020, slightly short of market expectations. Core inflation was unchanged at 3.3% year on year in January 2021 on the back of the ongoing weakness in domestic demand and the pricing power of corporates. We expect inflation to average 3.8% and 4.0% in 2021 and 2022, below the South African Reserve Bank’s 4.5% mid-point target. Monetary policy will likely remain unchange
South Africa’s budget, which is to be presented in parliament on the 24th February, in unlikely to see the introduction of a wealth tax or any other significant tax increases, but rather further steps to ensure tax enforcement and collection. Ekow Eghan, EY’s South Africa Tax Leader said, “The Budget trend since 2019 has mainly been to equip the South Africa Revenue Services (SARS) to enhance tax enforcement and improve tax collections. We do not anticipate a significant depa
From unlimited leave to flexible hours to on-site gyms, to attract and retain top talent, companies are getting more creative with their employee benefits. While these may add overall appeal, risk and retirement planning remains a strong employee value proposition and when it’s done right, can be as attractive as a weekly neck massage! According to Paula Walker CA(SA), an Advisory Partner at Consolidated Wealth and Director of Consolidated Wealth Employee Benefits, companies
The first few weeks of 2021 have had a different feel to any other start of a new year. While we all knew that we were entering the year with the battle against COVID-19 far from over, there were likely a number of people (myself included) who woke up on January 1, with a sense of hope that less bumpy times were on the horizon. This period has been volatile and sobering, to say the least, as case numbers have continued to rise, and the complexities associated with a successf
Just over 172 million people have received their first dose of Covid-19 vaccine as of February 16, 2021 - 2.2 for every 100 people. Eight vaccines are currently in use around the world, all of which require two shots. That is expected to change over the coming weeks when Johnson & Johnson's one shot vaccine gets approval for use within the United States. As it stands, the first vaccine authorized for use in the U.S. is also the most widely used shot worldwide according to inf