Your budget Budgeting and understanding the contents of your payslip means that YOU have control of your hard earned money. It’s not easy waking up at five on a cold winter’s morning to go to work, braving the traffic, praying you arrive alive in a taxi and walking distances to get there. When you there, there is sadly little appreciation for your efforts, you have the pressure of deadlines and targets and the cherry on the top having to deal with workplace politics. ALL you have to show for it at the end of the month is YOUR PAYSLIP.
LET’S UNDERSTANDYOUR PAYSLIP • UIF: • 1% FROM EMPLOYER AND 1% FROM YOU • WORKERS CAN CLAIM IF THEIR – • CONTRACTS ARE ENDED; OR IF THEY • EMPLOYERS ARE BANKRUPT; • ARE FIRED. • IT IS COMPULSORY TO BE REGISTERED WITH UIF • PAYE: • TAX APPLICABLE TO EMPLOYEES EARNING OVER R4750: • MEDICAL AID: • COULD BE APPORTIONED (ASK YOUR BROKER FOR ADVICE) • SAVING PLANS : • EG. GROUP SCHEMES YOU MUST UPDATE THIS WITH ABROKER ANNUALLY
GARNISHEEORDERS • (REFER TO WORKSHEET) • S 129 LETTER ADVISING TO YOU TO CONSULT YOUR DEBT COUNSELLOR TO REDUCE YOUR INSTALLMENT TO AN AFFORDABLE ONE • DUE PROCESS HAS TO BE FOLLOWED FOR GARNISHEE ORDERS TO BE LEGALLY ENDORSED ON YOUR SALARY. • SUMMONS MUST BE SENT TO YOUR CURRENT ADDRESS .REMEMBER TO UPDATE YOUR DETAILS REGULARLY • JUDGEMENT IS TAKEN IF YOU HAVEN’T RESPONDED • OR IF YOU CONSENT TO JUDGEMENT • YOUR SALARY IS THEN GARNISHED • AVOID GARNISHEE ORDERS AND PROTECT YOUR CREDIT RECORD BY GOING UNDER DEBT COUNSELLING
THE NATIONAL CREDIT act • INDIVIDUALS FIND THEMSELVES IN DEBT BECAUSE THE PROCESSES USED WERE NOT STRINGENT. • THE NATIONAL CREDIT AC T CAME INTO EFFECT TO HELP OVERINDEBTED CONSUMERS RECOVER FROM RECKLESS LENDING BY FINANCIAL INSTITUTIONS • THE ACT AIMS TO IMPROVE THE CREDIT RECORD OF ALL INDIVIDUALS BY ALLOWING THEM TO REDUCE THEIR INSTALMENTS AND THEREBY AFFORD TO PAY OFF DEBT ON TIME • ALTHOUGH YOU PAY A REDUCED INSTALLMENT, YOUR PAYMENTS ARE CONSISTENT BECAUSE THEY ARE AFFORDABLE. YOUR CREDIT RECORD IMPROVES AND AFTER YOUR LAST INSTALLMENT YOU CAN QUALIFY FOR CREDIT AGAIN. DON’T MESS IT UP TRYING TO GET BY SEEK THE HELP YOU NEED. ( REFER TO YOUR CREDIT REPORT)
Ourguarantee OUR VISIONIS TO OFFER A SERVICE SECOND TO NON BY PROVIDING PROFFESSIONAL, CALCULATED, HONEST AND TIMEOUS DEBT COUNSELLING SOLUTIONS WITH INTEGRITY. • OUR MISSIONIS TO FIND AND IMPLEMENT CALCULATED SOLUTIONS TO ALL CLIENT DEBT RELATED CHALLENGES
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TAX TIPS • Spouse savings • No donations tax is payable when assets are donated between spouses. There’s no risk therefore in giving your spouse assets or, transferring money into your spouse’s name. • Income splitting • In a family where a husband earns a big salary and a wife earns nothing, the husband's investment incomes are taxed at 40% after certain exemptions. However, by letting the wife earn all the income she can use her tax exempt threshold completely and then pay tax which will work out at 18% tax after she uses her exemptions. • -Donations • Another way of avoiding tax is by making donations. Few people realise and utilise the annual amount of money which with is exempt from donations tax. Over a long period this lessens your taxable income and reduces your estate. The amount per tax payer currently works out to about R100 000 and this can be doubled when a husband and wife both use this by transferring wealth to their children.