SARS: Tax dodgers can run, but can’t hide
SARS: Tax dodgers can run, but can’t hide

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Investment Indicators | 12 April 2021
IN THIS WEEK's ISSUE
Rates Review
Investment Rates
Money Market Funds
Top 3 Rates
From the Crow's Nest
Your Practice Made Perfect
Industry update on requirements for insurers conducting the business of a medical scheme
Non-compliance leads to curatorship for KeyHealth
FSCA and Sanlam enter into enforceable undertaking
Regulatory Examinations
The importance of the FSCA's RE Preparation Guide
Schedules for 2021
Careers Platform
Our platform contains a comprehensive list of opportunities for those considering a career in the financial services industry
Featured positions
In Lighter Wyn
"One way to get the most out of life is to look upon it as an adventure."
- WILLIAM FEATHER
ADVERTORIAL
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How a fund member retires has changed forever...

Legislated in-fund preservation, default annuities and portfolios has broken the compulsion for a fund member to ever leave their fund. Talking to these members, whilst giving sensible counselling - and then professional advice at competitive pricing - requires a financial technology platform of substance.

Benefit consultants, administrators and financial advisors associated with retirement funds will benefit from Altertude, GTC's integrated end-to-end programme providing retirement fund members with all interventions needed in a holistic financial plan.

Contact our CEO Gary Mockler, gmockler@gtc.co.za as to how GTC can assist in growing your business.

Visit our website at www.gtc.co.za.
RATES REVIEW
Secured Investment Rate
Please note that (G) indicates a Guaranteed and (L) a Linked product. In order to understand the difference between guaranteed and linked rates, kindly click here for an explanation.
R1 000 000 (3% commission)
Company This week Last week
Discovery (G) 5.445% 5.136%
ABSA (L) 5.245% 5.444%
Clientéle Life (G)  5.200% 5.400%
R1 000 000 (1.5% commission)
Company This week Last week
OUTvest (L) 6.000% 6.200%
Discovery (G) 5.831% 5.521%
Clientéle Life (G) 5.520% 5.720%
Money Market Funds
R100 000
Company This week Last week
Cadiz 4.710% 4.520%
Allan Gray 4.190% 4.170%
Coronation 4.070% 4.020%
Please bear in mind that our figures, though based on the actual quotations that you also use, are for information purposes only, and can never replace the official quotation from the product house. In terms of the guarantees, you are requested to clarify the exact extent of such guarantees with the product house prior to advising clients.
ADVERTORIAL
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Service and engagement Medihelp's commitment to advisers

Assisting your clients in choosing an affordable medical aid that meets their needs, requires a solid support system.

At Medihelp we follow through on our commitment to advisers by providing you with active support and access to information, including:
Digital brochures with click-through functionalities and product videos;
Electronic application forms and digital tracking of membership applications, which eliminates paperwork, saves time and keeps you and your clients in the loop with emails and SMSs;
The Adviser Toolbox, an online service platform where you can upload and submit documents, get the latest information and track processes;
The adviser app, which gives you mobile access to all your Medihelp business; and
Dedicated adviser consultants, an online chat functionality and the adviser call centre to assist you.
The results of the 2020 South African Customer Satisfaction Index (SA-csi) show that Medihelp is an industry leader across all metrics of quality service delivery, with members rating us the best choice for fair treatment, clear communication and excellent service.
FROM THE CROW'S NEST
SARS: Tax dodgers can run, but can’t hide
The South African Revenue Service has profiled a number of high-net-worth individuals in the country who enjoy a ‘luxurious’ lifestyle and demonstrate unexplained wealth compared to their declared income. Lifestyle audits for wealthy South Africans will be used to clamp down on tax avoidance.
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ADVERTORIAL
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SA and its tax trouble – how do we fix the problem?

SA’s ability to shake off its reputation as an ‘incapable state’ depends in no small part on its ability to resolve its tax revenue dilemma. Our tax systems have been decimated by years of mismanagement and getting the right capabilities in place now is key. Do we have the political will to do this?

Judge Dennis Davis will be talking to acclaimed journalist Bruce Whitfield about the real challenges facing SA when it comes to tax collection in the next Think Big webinar hosted by PSG.
 
This conversation is sure to shed some light on the issues, and possible solutions, to the current tax conundrum. Attendance is free to all. Book your seat here.
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YOUR PRACTICE MADE PERFECT
Industry update on requirements for insurers conducting the business of a medical scheme
The Council for Medical Schemes has released Circular 22 of 2021 on revised exemption conditions following the outcome of the renewal exemption applications of insurers conducting the business of medical schemes. Although the majority of the exemption conditions remain unchanged, there are some major changes in the Circular.
YP1 read button
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YOUR PRACTICE MADE PERFECT
Non-compliance leads to curatorship for KeyHealth
KeyHealth Medical Scheme was placed under curatorship following non-compliance with several regulatory aspects of the Medical Schemes Act, as well as certain governance problems.
YP2 read button
Fit and Proper Manager
YOUR PRACTICE MADE PERFECT
FSCA and Sanlam enter into enforceable undertaking
The FSCA has taken regulatory action against Sanlam Collective Investments (RF) (Pty) Ltd following the findings of the FSCA’s investigation into Sanlam and its administered fund, the Tresor Sanlam Collective Investment Equity Fund.
YP3 read button
Career opportunities
CAREERS PLATFORM
Featured Position
Invigilator Administrator: Pinelands, Cape Town. Moonstone has a permanent part time position (Monday and Friday) for an Invigilator Administrator at our Examination Centre in Pinelands, Cape Town. The main purpose of this position is to host the different types of Exams/Assessments/Workshops (paper and online format) offered by Moonstone within a secured environment according to the Rules and Regulations as stipulated by the FSCA and CHE/QCTO/INSETA (Quality Assurance Bodies).
Read more
Relationship Manager: Finpas CC, Durban North. This position requires an experienced relationship manager to provide support to a Financial Adviser and foster the client relationship. The primary function of this position will be retention of existing customers. However, business development or organic growth will be part of the role. A good understanding of financial planning and a sound technical knowledge of current legislative, industry and corporate standards will be required.
Read more
Claims Position: Cooke Fuller Group, Kloof, Kwazulu Natal. The ideal candidate for this position should be an experienced, assertive individual with strong administration and good interpersonal skills. Requirements include a minimum of 5 years' experience in Commercial and Personal claims; Must be FAIS qualified in both commercial and personal lines with the necessary Regulatory Exams already completed..
Read more
FAIS Compliance Officer: Moonstone Compliance. Moonstone Compliance is looking for an approved Compliance Officer. Duties will include risk identification and management, strategic and operational commentary, monitoring and administrative support functions to mitigate the risk of non-compliance with legislation and regulations. A non-negotiable requirement for this position is being an approved Category I Compliance Officer with the Financial Sector Conduct Authority with no supervision requirements.
Read more
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IN LIGHTER WYN
Taxing Tales
“One difference between death and taxes is that death doesn’t get worse every time Parliamant meets.” - Anonymous

“What is difference between a taxidermist and a tax collector? The taxidermist takes only your skin.” - Mark Twain

“Income tax has made more liars out of people than golf has.” - Will Rogers

“It is more deductible to give than to receive.” - Henry Leabo

“Some taxpayers close their eyes, some stop their ears, some shut their mouths, but all pay through the nose.” - Evan Esar

“An income tax form is like a laundry list—either way, you lose your shirt.” - Fred Allen

“Tax reform is when you take the taxes off things that have been taxed in the past and put taxes on things that haven’t been taxed before.” - Art Buchwald
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