Goodbye 2020, Hello 2021

Wishing everyone a prosperous 2021!

As I look back on 2020 in gratitude, I thank each and every one of you: my family, our clients, the Silke team for their untiring commitment, my colleagues (In financial services, SAPS and members of the Pinelands NHW) and for the unsung service provider heroes, public and private.

Last year I said that: "This year promises to be another "electrifying" year for South Africa, with volatility being the only real certainty once again." The year was certainly not short on challenges as we all navigated our way through uncharted waters. 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. Covid-19 has change our entire lives and the way we connect with family, friends, and colleagues. We had to be creative, flexible, and proactive. This often resulted in uncertain, unstable times for my team, but the one thing that I have learnt to deal with, is that change is not the enemy! Our ethos during this period is: to challenge our beliefs, to put our own concerns aside, we are here to serve our clients (especially during this period of uncertainly) and to be courageous.

"If you don't like how things are, change it. You are not a tree" - Jim Rohn

Georgia and Morganne continue to grow into the beautiful gentle souls that make me love "you-all" so much. Morganne is in Matric with the added privilege of being selected as Chess Captain for St Cyprians this year! Must have her dads brains lol. Georgia's last year of varsity, excelling now in subject choice aligned with her passions! 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 28 February 2021:

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 R36,000, with a lifetime maximum of R500,000.
• Cut-off dates: 19 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: 19 February

If you wish to make an additional contribution to your tax-free and retirement savings for the 2020/2021 tax year, we need to receive your instructions before Thursday 19 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.

I look forward to talking with you again soon.

Yours in health,

Shane Thom, CFP^® GTP(SA)™
Managing Partner // Key Individual // Integrated Wealthcare Advisor // Personal Portfolio Manager (PPM)

For further information and guidance from the World Health Organisation on current outbreak of coronavirus disease (COVID-19), visit this page for daily updates.

For up to date and correct information on the status of COVID-19 in South Africa, start a chat with the official Department of Health WhatsApp support service at 0600 123456 (Just say 'hi' to get started).