2024 Tax Year Reminders / What will the election year hold?

Reminders for the tax year ending 29 February 2024:

January to December 2024:

Clients can make use of their annual discretionary allowances in terms of South African Reserve Bank Exchange Control rules. 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 2024:

• Clients can make use of their annual discretionary allowances in respect of tax-free investments. The maximum amount you can put into your account per tax year is currently R36,000, with a lifetime maximum of R500,000.
• Clients can make use of their annual allowable deduction allowance in respect of retirement savings. The maximum allowable deduction will be determined as the greater of 27.5% of taxable income. Limited to R350 000 per year.
• If you wish to make an additional contribution to your tax-free and retirement savings for the 2023/2024 tax year, we need to receive your instructions before Friday, 16 February 2024.

2024: What will the election year hold?

Duncan Artus - Allan Gray Chief Investment Officer

From macroeconomic decisions to political outcomes, markets - and sentiment - can be temporarily influenced by various external factors. If 2023 will be remembered as the year where interest rate decisions drove the markets, 2024's fate seems to sit squarely in voters' hands. In an increasingly divided world, outcomes are uncertain and risks are heightened. In his first investment update of 2024, Duncan Artus, Allan Gray's chief investment officer, reviews 2023 and touches on what's in store for the year ahead. Watch this 5-minute video and read the commentary here.

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)

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