Welcoming In 2020

We'd like to take the opportunity to wish everyone a prosperous 2020. "Thank you" for making our Silke lives meaningful and significant. This year promises to be another “electrifying” year for South Africa, with volatility the only real certainty once again.

We live in a world where time is limited with less time for ourselves, our families and our friends. Like the years before, 2019 was - exciting and challenging. Despite South Africa's constrained economic environment, exacerbated by power outages largely as a result of political apathy - last year stock markets around the world closed out one of the best years they’ve had in the past decade - the S&P 500 index gained approximately 30% in 2019, its best year since 2013, beating the FTSE All-World index, which was up 24% in US Dollars for its strongest result since 2009.

Exciting to see how my daughters, Georgia and Morganne continue to grow into the beautiful gentle souls that make me love "you-all" so much. Last year I quoted the words of author Susan O'Malley: "One day, you'll be 50 or 60 or 70. You'll either achieve your dreams, or you won't. That's your choice." Well, guess what that 50 is me today! (28 Jan 1970). How exciting and thank you to all who are, have been and will be part of my future – expressed in much remembered gratitude!!

Challenging in that we share the loss of loved ones in this business with you. To all our clients and their families, please know that your loved ones' passing touched us deeply, and that they will be part of our lives, always.

On this note, I would like to share (again) some profound words spoken by Steve Jobs in 2005 in his Stanford commencement address about connecting dots, education, love and loss. The part that resonates with me the most is the heartfelt case he makes for following our creative curiosity in order to contribute to the world our best potential:

'Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything - all external expectations, all pride, all fear of embarrassment or failure - these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.'

Silke Financial Services and You:

Everything you need for the tax year ending 29 February 2020:

January to December:

Clients can make use of their annual discretionary allowance's in terms of South African Reserve Bank Exchange Control, South African residents are entitled to 2 allowances:

• R1 million discretionary allowance (DA) – this allowance may be used for foreign investment without having to obtain tax clearance (a tax number is required), as well as; travel, gifts, loans, studies and alimony.
• R10 million foreign Investment allowance (FIA) – this allowance can be used to invest funds overseas and requires the applicant to have a green bar coded South African ID book and to obtain tax clearance from South African Revenue Services (SARS) before proceeding.

Ending February:

• Clients can make use of their annual discretionary allowance's iro tax-free investment. The maximum amount you can put into your account per tax year is currently R33,000, with a lifetime maximum of R500,000.
• Cut-off dates: 20 February

Ending February:

Clients can make use of their annual allowable deduction allowance's iro retirement savings. The maximum allowable deduction will be determined as the greater of:

• 27.5% of taxable income, or
• 27.5% of remuneration.
• Limited to R350 000 per year.
• Cut-off date: 20 February.

If you wish to make an additional contribution to your tax-free and retirement savings for the 2019/2020 tax year, we need to receive your instructions before Thursday 20 February 2020.

Our Integrated Wealthcare approach is based on your personal priorities and aspirations. This process is designed to give you a clear course of action for pursuing your goals that span various time horizons and life stages to empower you to do extraordinary things with your wealth, both now and in the future.

Regards,

Shane Thom, CFP^® GTP(SA)™
Managing Partner: Integrated Wealthcare Advisor