The FIA Intermediary Experience Awards is the most prestigious and well-known annual recognition event in the South Africa financial services industry for more than 20 years. The Awards recognises product providers (insurers) for the products, solutions and services they offer to the end-consumer through our member intermediaries or financial advisers.
This year's winners are: Sanlam won long-term insurer of the year (risk). The non-life insurance awards were split by sector. Santam won for personal lines; Western National for commercial; and Hollard for corporate. Allan Gray won two awards for investment products: lump sum and savings. Discovery Health won for healthcare Momentum Corporate for employee benefits. We congratulate these product providers for winning this prestigious award. We as Daberistic have had long-term relationship with these product providers, and we will continue to offer the best insurance and investment solutions to our clients.
0 Comments
The tax filing season for individual non-provisional taxpayers will start on 7th July 20223. We would like to remind you to submit your tax return in good time. According to SARS official media release: Here are the dates and criteria for the 2023 Filing Season: Individual taxpayers (non-provisional): 7 July 2023 @ 20:00 to 23 October 2023 Provisional taxpayers: 7 July 2023 @ 20:00 to 24 January 2024 What’s new? Pre-population of ITR12 Third Party Data in preparation for the opening of Filing Season 2023: Please be advised that in preparation for the opening of the Personal Income Tax Filing Season in July 2023, between the period of 2 June 2023 until the opening of Filing Season, there is a possibility that the prepopulated data reflecting within your Personal Income Tax or Provisional Tax returns requested via eFiling, the SARS Mobi application or via a SARS Branch Office during this period, will pre-populate but may not be comprehensive until Filing Season is officially opened to the public. Have you received an Auto Assessment? Between 1 July and 7 July 2023, taxpayers will be notified by SMS or email if they were selected to receive an auto-assessment. Should you receive the SMS, the next step for you would be to review the auto-assessment on the SARS MobiApp or eFiling.
How is Auto Assessment different this year (2023) from last year (2022)? Last year you had 40 days to file a return if you were not happy with your auto-assessment, but this year we are giving you until the due date of 23 October 2023. If an auto-assessment has been issued after 23 October 2023 the 40 business days will start on the date of the notice of the assessment. What to prepare before filing starts?
Source: SARS By now you should have received tax certificates from financial institutions in the months of May and June to assist with your tax filing. These include tax certificates from the medical aid, banks, life insurance companies and investment companies. Check your email inbox and junk folder, search for the keyword "tax certificate" to find relevant emails. Download the attached tax certificates in a folder on your local drive or cloud storage for tax filing. Discovery Health: The email from Discovery Health looks like the following: Tax CertificatesBy now you should have received tax certificates from financial institutions in the months of May and June to assist with your tax filing. These include tax certificates from the medical aid, banks, life insurance companies and investment companies. Check your email inbox and junk folder, search for the keyword "tax certificate" to find relevant emails. Download the tax certificates in a folder on your local drive or cloud storage for tax filing. Allan Gray To view and download your latest and historical tax certificates, log in to your secure online account at www.allangray.co.za and navigate to ‘Statements & documents’ >> ‘Tax certificates’.
If you have difficulties downloading your tax certificates, or require the service of a tax practitioner, email to service@daberistic.com and our team will gladly assist you. We are pleased to share that Allan Gray, one of the largest linked investment service providers (LISPs) in South Africa, has reduced its adminsitration fees. Allan Gray have reduced their local administration fees for third-party funds, effective 1 October 2022. In early 2023, they will combine a client’s local and offshore platform assets for the purposes of calculating their applicable administration fees on each platform, enabling clients to benefit from lower fees. In early 2023, they will introduce a step fee for new clients investing below their lump sum minimum of R50,000. Allan Gray reducing local administration fees for third-party funds Allan Gray's new fees, which are effective 1 October 2022, are outlined below. The administration fee charged for local Allan Gray funds will remain unchanged at 0.20% per annum (excl. VAT). Combining local and offshore platform assets to calculate administration fees (from 2023)
Allan Gray will combine your local and offshore platform assets when calculating your administration fees which will result in more of your assets being subject to the lower fee tiers. Currently, your local administration fees are based on the market value of all local platform assets linked to your investor number and applied to the local administration fee tiers. Your offshore administration fees are calculated separately based on the market value of all offshore platform assets linked to your investor number and applied to the offshore administration fee tiers. The effective date of this change will be communicated ahead of implementation in early 2023. What does this all mean for you as an investor? For clients with assets more than R1 million with Allan Gray, they will enjoy reduced administration fees, so they will keep more of the investment returns. We applaud Allan Gray for reducing costs of investing for clients. For clients with assets less than R1 million with Allan Gray, the 0.5% administration fee stays the same. For new clients with less than R50,000 invested, they will have to pay a step administration fee of 1.0% per annum (excl. VAT), until their investment value has reached R50,000. So Allan Gray is not so cost effective towards smaller investors. This cost is understandable, as there is a base cost of opening and maintaining an investor account. If you have any questions or feedback, email us at service@daberistic.com Allan Gray has informed us that, clients who are active users of secure Allan Gray Online (AGO) accounts will no longer receive the below documents via email. Instead, they will notify you when these documents become available online:
This is with the aim of improving the security of clients’ personal information. How clients can view and download these documents online Once you have logged in to your secure online account at www.allangray.co.za, you can navigate to the ‘Statements & documents’ tab, where you will then be able to select the relevant document you would like to view or download. If you have any questions or feedback, please contact us on 011-658-1333 or email us at service@daberistic.com In partnership with Morningstar: At the 2021 Morningstar Investment Conference, Victoria Reuvers had the privilege to sit down with Tamryn Lamb, Head of Retail Distribution at Allan Gray and Joanne Baynham, Wealth Manager and AssetTV Presenter to discuss, The evolution of the local and global investment landscape. What is it: It is a tax-free investment account. You can invest up to R36,000 a tax year into the account. You can do this for yourself, your spouse and your children. All your contributions, investment growth and interest in the account, and withdrawals are tax free, for life. You may withdraw at any time, although it is recommended that you invest for the long term (5 years +). You can contribute up to R500,000 in your lifetime. What is this product suited for? You may consider investing using this product if: you wish to save up to R36,000 per year, or up to R3,000 per month you wish to invest for your child's education fund you wish to supplement your pre-retirement savings you wish to pay no tax on your investment What is this product not for? It is not a transactional account. It is not for short-term investment What are the investment options? Allan Gray offers the Allan Gray Tax-Free Balanced Fund, which is a good option for most investors. We as a Financial Advisor can use external fund managers to put together a portfolio of funds for our clients. We currently recommend the Morningstar TFSA Portfolio. What are the costs? This is the part where it can be difficult to make sense of. Fund managers of the funds you invest in charge fund management fees. The Total Investment Charge (TIC) is expressed as a percentage. Allan Gray as a LISP (linked investment service provider) charges a platform fee of 0.58% per annum, this is deducted monthly, calculated on the account balance. A financial advisor charges an initial advice fee and an annual advice fee for the advice and services rendered. Why do we recommend Allan Gray Tax-Free Investment? 1. Reputable asset management company; 2. Financially sound; 3. Efficient administration platform; 4. Clever use of technology delivers excellent user interface; 5. Excellent staff delivers excellent client service; 6. Competitive platform administration cost; 7. Reduced admin fee for using Allan Gray funds; 8. Select range of good performing unit trusts; 9. Easily creates customisable, informative investment overview; 10. May nominate beneficiaries on the investment; 11. Enables clients to submit instructions online. To find out more how you may benefit from this investment, or to start such investment, please contact Kevin Yeh, email service@daberistic.com. We offer businesses and non-profit organisations two types of investment account facilities: 1.Business Investment Account We can offer your business a Business Investment Account facility, by opening an Allan Gray investment account and investing in Allan Gray Money Market Fund. Minimum starting balance R100,000 You can view account online, add or withdraw at any time, takes 3 to 4 business days for money to be back in your business bank account. Current interest rate 7.8% Interest is paid monthly. Our advice fee is 0.23% (including VAT) for the first R5,000,000, then 0% for amount above R5,000,000. Click here to download an illustrative investment overview 2.Enhanced Business Investment Account An Enhanced Business Investment Account offers a higher yield, by investing in a portfolio of income and fixed interest funds in an Allan Gray Investment Platform account. Minimum starting balance R100,000 Recommended minimum investment term: 12 months You can view account online, add or withdraw at any time, takes 3 to 4 business days for money to be back in your business bank account Current interest rate 8.96% Interest is paid monthly. Some income funds in the portfolio pay interest quarterly. Our fee is 0.23% (including VAT) for the first R5,000,000, then 0% for amount above R5,000,000. The net effective interest rate is as follows: Click here to download an illustrative investment overview.
If you would like to apply for a business investment account, please contact our Life & Invest Department on 011-658 1333, email invest@daberistic.com. |
AuthorKevin Yeh Archives
January 2025
Categories
All
|