Podcasts about r10m

Funds from a huge City of Tshwane (CoT) transport project, coupled with proceeds from the Passenger Rail Agency of SA's (Prasa) botched locomotives tender, in effect sponsored a R10-million donation the ANC pocketed in 2014. Pieter-Louis Myburgh | Investigative JournalistSee omnystudio.com/listener for privacy information.

SA Treasury has reacted to the flood of private capital legally leaving the country with a sneaky regulation change announced immediately before the May long weekend. Restrictive new compliance criteria for financial emigration and the R10m per taxpayer that can be invested offshore annually takes these options off the table. In future, South Africans wanting to invest offshore will essentially be restricted to the R1m a year no-questions-asked allowance. In this interview, Brenthurst Wealth founder Magnus Heystek explains how he picked up the shock changes and how, among other consequences, this is likely to accelerate the exporting of well-educated young South Africans - sent abroad on the urging of their families before they become registered taxpayers. He spoke to Alec Hogg of Biznews. Learn more about your ad choices. Visit megaphone.fm/adchoices

South Africa's financial watchdog says it has reached an agreement with a pension fund for African National Congress (ANC) employees to get the party to pay it R10-million a month until its arrears are cleared. The Financial Sector Conduct Authority (FSCA) said on Thursday that the party had not been paying contributions to its staff provident fund, which has 535 members. "The African National Congress, which is a participating employer in the fund, has not met its obligations in terms of making regular retirement fund contributions into the fund," it said. The governing party has occasionally struggled to pay salaries to its staff on time. In January, some staff members picketed outside its headquarters at Luthuli House over outstanding wages. Last month members of the National Education, Health and Allied Workers' Union again accused the party of not paying salaries on time. The FSCA announcement shows that the party has also been deficient in paying contributions to the pension funds of employees. The watchdog said it had reached an enforceable undertaking with the fund to implement an agreement it has with the ANC to pay R10-million into the fund every month "until the arrear contributions are extinguished". The fund will also need to provide monthly updates to the FSCA about things like deductions from employees' salaries and how much it still needs to pay. It also needs to provide monthly updates to members on the status of the arrear contributions. Mvusi Mdala, a representative of ANC employees, said if the party did indeed pay the R10-million per month as outlined in the agreement, he hoped it would not come "at the further expense" of employees. ANC staff members had still not been paid their salaries for July, he said, which he described as an "unbearable situation". He said employees also didn't know when or whether they would receive their August salaries. FSCA commissioner Unathi Kamlana said in a statement that the onus on ensuring that there are no arrear contributions rested with the trustees of a fund. "Both employers and funds are reminded of the importance of treating their workers and members fairly by honouring their obligations as enshrined in various legislation," he said. ANC spokesperson Pule Mabe reportedly joked in July that "if the ANC was running a cash-in-transit heist", it would be able to say with certainty that "robberies" would give it enough cash to cover its staff's salaries.

Brenthurst Wealth Management founder Magnus Heystek tells the sad tale that is the South African property collapse. The investment strategist – who has successfully called thematic trends in the global capital markets for the better part of the last decade – tells a sombre story of his own property investment mistake. Heystek outlines the risks inherent in private property investment, which have increased over the years owing to increased taxes, levies, friction and selling costs. Bar the obvious risks, opportunity cost and liquidity are also two major contributing factors to his thesis. The R900,000 he invested in 2008 would be worth around R10m if he had invested in the tech-focused Nasdaq at the time. He realised a mere R360,000 after all selling costs had been deducted, when he recently managed to find a buyer for the property. Property investment has long been seen as a safe haven investment, but Magnus believes that until things fundamentally change in South Africa, this is no longer the case.

Guest: Kaizer Kganyago/ SIU Spokesperson  See omnystudio.com/listener for privacy information.

CliffCentral.com — George Mienie chats about Ford's announcement for building a special automotive hub to boost local industry - creating 7000 jobs, the local automotive industry is one of the very few segments showing any growth in an economy which has stalled... and King Mswati III buys each of his (many) wives a R10m Rolls-Royce. AutoTrader

Hugo van Zyl CA(SA) TEP MTP(SA) is well-known for his expertise in cross-border tax and financial planning. It is no surprise that his colleagues refer to him as “ask Hue’Gle” when all other resources fail. His track record speaks for itself.In this episode, we get into the nitty-gritty of the changes to the so-called "expat tax" in South Africa. With the new changes already enacted into law, the implementation of the new changes has been deferred until 1 March 2020. Many expats have not considered the impact this will have on them. Financial Advisors are just as confused in many cases and are at a loss when having to point their clients in the right direction.Some of the aspects we discuss include:Does cross-border tax and exchange control only apply to certain groups or individuals;Is it a requirement to give up your South African citizenship or to give up your South African passport when you immigrate;Section 10(1)(o)(ii) of the Income Tax Act change - the new R1m exemption on foreign employment income cap explained and who it applies to;How much of the foreign tax paid can be used as a credit against tax payable in South Africa;Financial Emigration - myth or solution;Who can use the 330-day rule;Double Tax Treaties - the big solution;Exit Tax payable on immigration and how much it is for different entities;The UAE and its treaty in detail;We answer 7 questions from our listenersWhat should financial advisors consider and what questions should they ask clients living and working abroad;Trustees of a trust who emigrate - what are the considerations;What should young professionals consider when moving abroad;What happens to tax already paid in the foreign country;What are the options for a person currently working in Zambia who is planning to retire in the next 3 years;What should a person do who works in Saudi Arabia, but their spouse is still living in South Africa;Foreign Investment Allowances;We also discuss Circular 4 of 2014 that caters for life and living annuities to be paid directly to a foreign bank account if the Annuitant has a foreign FICA address. Such payments will not affect the person's discretionary travel allowance nor their R10m annual allowance.Minutes after the interview, SARS issued an FAQ document that confirms everything we discussed in the interview. You can download it here.Enjoy the episode!

In this weeks episode SAFA has allocated R10m to women’s football to establish women’s pro league. Gaxa graduates leading by example to other soccer players, and we look at some of the Nedbank CUP results from the past week.

In his brilliant book, The End of Power, author Moises Naim wrote that the likes of innovative startups, loosely organised activists, upstart citizen media and charismatic individuals who come from nowhere are shaking up the old order. “These are the micropowers,” he wrote, “small, unknown or once negligible actors that have found ways to undermine, fence-in or thwart the megaplayers……” Naim’s treatise is hugely respected. In 2015, The End Of Power was Facebook founder Mark Zuckerberg’s inaugural pick in his “Year of Books challenge” where he challenged his community to join him in reading one book every two weeks for an entire year. It was also listed as a Financial Times Book of the Year in 2013. The powerful messages embedded in the book are being felt around the world, including in South Africa where mobile phone giant continues to battle against a now 42 year old former employee over his idea that the company applied 18 years ago. Kenneth Nkosana Makate fits the bill of the unknown activist who perfectly fits the micropower description, For context, while in his early 20s, he had the bright idea of a call-me-back SMS service. Makate shared the concept with his ultimate boss, then Vodacom CEO Alan Knott-Craig, who later claimed to have come up with the idea himself. Makate has steadfastly refused to be fobbed off. He laid a charge against his former employer and took the matter to court, winning a judgement in 2014 that found he was indeed the inventor of the concept, in the process destroying a reputation that Vodacom’s founder Knott-Craig had built over decades. When that judgement refused to sanction a payment on the grounds of prescription (where debts expire if three years old) Makate took his plea to the highest court in the land. In a landmark judgement in 2016, the Constitutional Court found in Makate’s favour, ruling that Vodacom should indeed pay reasonable compensation to him for the invention. For the last two years the parties have been wranging about the quantum - how much Makate should be paid. Vodacom admits to having made an initial offer of R10m, which Makate rejected. Media reports say the company upped that to R49m. Again Makate says it is not enough. The ante was upped this week when a group of activists calling themselves the Please Call Me movement – after the name of the concept – picketed Vodacom’s head office. Their protest, well covered by the media, focuses on the demand that the company pay Makate R70bn, the equivalent of the company’s last six years of profits.  From the Arab Spring to France’s Yellow Jackets; Brexiteers to the Catholic Church in the DRC, everywhere we see evidence of the changing power equation written about so eloquently by Maises Naim. Vodacom’s rearguard action against an activist portrayed as a folk hero has lessons for every business – and, indeed, for those who invest in them. company called a press conference this morning to address the latest developments.

Romaney Pinnock is in Davos this year looking for R10m to fulfil a dream. In her mid-30s, her love affair with football furned into an unusual project called Badgers Academy where 80 women now get together regularly to play a sport which is transforming lives of vulnerable women living in high risk areas of the Cape. Romaney says she has been inspired by the way playing football has helped women overcome major issues - and believes her Philippi project provides a template that can be used to transform lives everywhere. Here's what she is going to be pitching to Davos's rich and powerful.

Stogie T goes to 'Sway in the Morning' for an interview and drops a few (who am I kidding? A lot of) bars. Cassper Nyovest signs with Universal Musical Group. 42 dead after bus burns. Zimbabweans living, working and studying in SA legalised. R10m worth of fake Nike, Lacoste seized in Western Cape. The best music weekend of the year. And, of course, a lot more fun and jokes. Thanks again for supporting us on YouTube. It's a good look. Channel name: Bezaleel.Tsebe.

For most of us, a retirement annuity is the biggest investment we'll ever make. More than any other investment decision, your RA should be scrutinised and prodded at every opportunity. This week Alexis Whitehead wanted to know how to choose a provider. We often mention 10X, although Sygnia claims to be cheaper. etfSA.co.za, home of our bestie Nerina Visser, also offers index-tracking RAs. Which is the right choice? Equipping yourself with the right tools to make financial decisions, I believe, is the best way to healthy finances in the long run. I believe I should have the right financial building blocks in place if I hope to be successful financially. To recap, those are: No debt An emergency fund to cover my expenses for at least three months Medical aid Dread disease and disability insurance Retirement savings I also try to develop mental models that would make financial choices easier. Those include: Calculating cost per use: In an ideal world, I want the cost per use for everything I own to be somewhere between R1 and R10. I like to think about it in terms of renting the same object. If something costs R2800 and I use it 280 times, would I be willing to pay R10 to use it every time? What price would I be willing to pay to rent something once? Opportunity cost and future value: If I compound the price of an item, will the object of my desire be worth giving up that amount in the future? I lose the opportunity to invest that money when I spend the money on other things. Cost compound: Fees compound in the same way earnings do. If the fees apply to assets under management, I also try to remember that the assets grow constantly. 1% of R10 000 is easier to stomach than 1% of R10m. In the end, your money should make sense to you. Who you choose isn't as important as why you choose them. Having a plan is half the battle won. kris

Blinkwater Mills has agreed to pay the Competition Commission more than R10 million as a settlement for price fixing. Blinkwater, together with 11 other companies, were found to have colluded in the pricing of white milled maize products. Sakina Kamwendo spoke to Head of Communications at the Competition Commission, Sipho Ngwema, for more.

Simon Shares Woolies (JSE code: WHL) offering script of cash for dividend. Default is cash, I'm taking new shares. Standard Bank (JSE code: SBK) trading update looks great, HEPS some 30% higher. But what of the R1,6bn write down for lost aluminium in China the previous year? The stock initially popped 8% higher but traded red by late morning. Budget 2016, Simon's thoughts Budget is R1.46tn vs R1.45tn in the October MTBPS. Deficit R139bn, which we have to borrow and that cost is increasing as R186 government bond is 9.8% from 9.3%. Budget deficit will fall from 3.2% in the 2016/2017 year to 2.4% in 2018/2019 Capital Gains Tax (CGT) gets increased from 33.3% or marginal rate to 40% while the amount of tax free CGT every year goes from R30k to R40k. No change to Dividend Withholding Tax (DWT) or Securities Transfer Tax (STT). Lots of small tax increases and some new ones; Increased; fuel levy, bag levy, sin taxes, transfer duty on +R10m properties, etc. New; sugar tax, globe tax and tyre tax. Social grants on the up, R11.5bn over next three years. Fiscal drag coupled with increased inflation and interest rates going to hurt consumers. 150,000 TFSA accounts opened and R1bn deposited. But no changes to the limits. Was it enough taxing and enough slashing to avoid a downgrade later this year? Bottom line, can he stop the junk status looming over SA? We Get Mail Marcia Are you selling your Woolies after the results? Stef I see the PLD and PLT ETFs have 'partial delisting'. What's this about? Should I worry if I hold them? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

South Africa's proposed new Black Empowerment codes are now very personal for EconoBEE's founder Keith Levenstein as his small business faces the dilemma confronting 83% of Qualifying Enterprises (turnover R10m to R50m): Sell/give control of your company to Black Owners or get downgraded to a level 8 (bottom of the pile) rating. In this interview with Biznews.com's Alec Hogg he admits to not knowing what to do. Nor do his clients. Whatever transpires, the ANC Government's intention is very clear - it is throwing its legislative might behind forcing racial transformation of South African business ownership.

South Africa's proposed new Black Empowerment cod…