Afrovision Financial Planners cc.

The South African Medical Association KZN Coastal Branch hosted a dialogue on Women's Health on the 20th of August 2016.

Tax Free Investment...do you have 1?

HOW TO SPOT AN INVESTMENT SCAM

The tell-tale features of a scam are:

* It claims to pay out double-digit monthly returns;

* It claims to be an opportunity of a lifetime;

* There are no underlying investments;

* You can’t understand how it generates money;

* It is not a registered product or a product offered by an authorised financial services provider; and

* Returns or profits earned by you may be dependent on you introducing more members to the scheme.

Verify the legitimacy of a financial services provider before you invest by visiting www.fsb.co.za/Departments/fais/searches/Pages/providers or calling the Financial Services Board on 0800 110 443.

www.fsb.co.za

How will the new tax legislation apply to provident funds?

The effect of the alignment between provident and pension funds will take a long time to have an impact on members, and will not affect provident fund members who are currently close to retirement. All provident fund members will still be able to take all their retirement savings that would have been accumulated as at March 1 2016 as a cash lump sum whenever they go into retirement.

The conversion of a portion of the retirement money into income at retirement will only apply to new contributions made by those who are younger than 55 when the legislation comes into effect.

This means that members who are 55 years and older on March 1 2016, when the law comes into effect, will not be affected. They will still be able to even take (new) contributions made after the legislation has come into effect as a cash lump sum in retirement.

Workers who are below 55 years on March 1 2016, will not be asked to annuitise or take a pension on the portion of new contributions if the total of those accumulated savings are R247 500 or less when they reach retirement.

Irrespective of age, whatever a member has accumulated in the provident fund as at March 1 2016, and the growth on those amounts, will be available to them as a cash lump sum when the person retires - that is protection of vested rights.

For most low- and middle-income workers, it will take several years (more than five, up to fifteen) to reach the above threshold, and, therefore, many years before they are asked to annuitise at retirement.

Tough times loom over South African consumers, we hope you have something saved for the rainy days ahead.

The Afrovision team wishes you a Happy and Properous 2016, we are delighted to be back at work, we certainly hope you had a restful festive season.

As we approach the mad rush remember that January exists.

It's the end of block party for the 6th year MBChB students at Sefako Makgatho Health Sciences University.

Beware of over spending this coming festive season.

What is GAP COVER?

GAP cover pays YOU the difference between what the doctors charge in hospital and NHRPL, what the medical aid actually pays.

The National Health Reference Price List (NHRPL) is a pricing system maintained by the Department of Health and the Council for Medical Schemes. The NHRPL specifies the rates to which your medical aid scheme must adhere. It is the amount of money that they are bound by law to pay out for a given situation. Doctors, hospitals and other medical service providers however, are not bound to these rates, and in fact charge up to 300% above these NHRPL prices. So despite thinking you are financially covered for any medical eventuality in its entirety, for the most part you are not, and are often liable for an enormous shortfall.