MFIBS Pty Ltd

03/06/2026

Building Financial Freedom Early

Start small, think long term.

If you started investing R1000 per month in tax-free savings today, what would that look like in 10 or 15 years?

When you're young and healthy, your life cover is more affordable than later on in life.

07/01/2026

https://atns.ci.hr/applicant/index.php?controller=Listings&method=view&listingid=cd00b91a-3b9d-4664-a2c2-86355d662cc2

Join Our Team: Air Traffic Services (ATS) Bursary Program Opportunity at Air Traffic and Navigation Services Looking for a rewarding career? Explore our Air Traffic Services (ATS) Bursary Program position at Air Traffic and Navigation Services. Apply now and be part of an innovative team, driving su...

08/05/2025

https://vm.tiktok.com/ZMBoX8mBD/

Check out mphatsiMabuta’s video.

07/05/2025

📢 Important Financial Tip! 📢 Unexpected emergencies can happen anytime—job loss, medical bills, home repairs, or car troubles. A small emergency fund can help you stay prepared and avoid financial stress. Start today by saving even a little each month—it makes a BIG difference over time! 💰✨

Need guidance? Let’s chat! 📞

Send a message to learn more

02/10/2024

Wills Advice Notes

1. Understand the Importance of a Will:

A will ensures that your assets are distributed according to your wishes after your passing.
It can help prevent disputes among family members and provide clear instructions for the care of your dependents.

2. Identify Your Beneficiaries:

Clearly list your children and grandchildren (If Applicable) as beneficiaries.
Specify the share of your estate each beneficiary will receive.

3. Appoint an Executor:

Choose a trustworthy person to execute your will. This could be a family member, friend, or a legal professional.
The executor will be responsible for managing your estate and ensuring your wishes are carried out.

4. Consider Guardianship:

If your grandchildren are minors, appoint a guardian to take care of them if their parents are no more
Ensure the guardian is willing and capable of taking on this responsibility.

5. Detail Your Assets:

List all your assets, including property, savings, investments, and personal belongings.
Be specific about who should receive each asset.

6. Address Debts and Liabilities:

Specify how any outstanding debts should be paid.
Ensure your executor is aware of all liabilities to manage them appropriately.

7. Provide for Your Dependents:

Given that your children may be unemployed and you are financially responsible for them and your grandchildren (If applicable), consider setting up a trust.
A trust can provide ongoing financial support for your dependents.

8. Update Your Will Regularly:

Review and update your will periodically, especially after major life events such as births, deaths, or changes in financial status.
Ensure your will reflects your current wishes and circumstances.

9. Legal Requirements:

Ensure your will is signed and witnessed according to South African law.
Consult with a legal professional, a financial adviser, or an Estate planner to ensure your will is valid and enforceable.

10. Communicate Your Wishes:

Discuss your wishes with your family to avoid surprises and ensure they understand your intentions.
Keep your will in a safe place and inform your executor and family members where it is stored.

21/09/2024

Two-pot retirement system: facts vs misconceptions
Since the two-pot retirement system was implemented in South Africa on September 1, 2024, there have been numerous withdrawal applications, however, many South Africans are still in the dark about the new system.

Addressing questions and clarifying misconceptions about the two-pot retirement system is crucial.

Here are five common misconceptions identified in the first two weeks since the two-pot retirement system occurred.

Receiving instant payment

Some South Africans believed they would receive an immediate payout after applying for a withdrawal while others expected automatic payments without applying for a withdrawal.

SA retirement and tax legislation have strict processes that must be followed to ensure compliance when an individual wants to withdraw funds from retirement savings, which takes more time to process.

The process includes:
submitting required documentation to a financial services company or retirement fund administrator,
followed by client details vetting process
confirmation of the availability of funds for withdrawal, and
applying for a tax directive from SARS.

You can withdraw R30,000 of retirement savings no matter what is available in your savings pot.

There is the belief everyone with a retirement fund has access to or will receive R30,000, regardless of the funds that are available in their savings pot.

When the two-pot system took effect the savings and retirement pots were added to the retirement vehicle of every retirement fund member, and both pots had a balance of zero.

The savings pot of the two-pot retirement system received a once-off boost from the vested pot of existing retirement savings. This boost is referred to as seeding.

This boost amount was calculated as 10% of the balance in the vested pot but subject to a maximum of R30,000.

The exact amount available to each member to withdraw is calculated based on how much each individual fund member has available in their savings pot. There is therefore no guarantee of access to the amount of R30,000.

You can withdraw R30,000 from the savings pot every year

South Africans are under the assumption that withdraw R30,000 annually from their savings pot, but that is not the case.

In a tax year (1 March – 28 February), South Africans can make one withdrawal from their savings pot. Every time people make a withdrawal, the balance in their savings pot is subtracted from the amount they withdrew.

The value of a savings pot at any point in time will equal the initial once-off seeding amount plus one-third of all contributions from September 1, 2024, onwards. The investment growth will then grow unless any other withdrawals are made.

If your savings pot had a balance of R30,000 on 1 September 2024, and you withdrew this full amount in the current tax year, you will only be able to withdraw whatever is available in your savings pot in the following tax year which may be significantly less than R30 000.

E.g. If a person contributes R3,000 per month to their retirement fund, only R1,000 will go to their savings pot per month.

This means that over 12 months the balance of the savings pot will increase by R12,000 because of the contributions ignoring growth on the existing balance in the savings pot.

If a member’s savings pot balance was zero at the start of these 12 months, then there will only be R12,000 available to this member to withdraw the following year.

If you don’t make a withdrawal, you will lose the money.

There has been a fear amongst South Africans that they will forfeit the money if they don’t withdraw from their savings pot.

However, any funds that have not been withdrawn will stay in the savings pot, and the investment will grow.

The accessible portion is yours to manage, but there is no disadvantage to leaving it untouched. Keeping your savings invested means that you benefit from compound interest, boosting your retirement fund over time.

People think that they can withdraw money from their retirement savings and then catch up later but this can be difficult because the longer they wait to save, and the more they withdraw, they can lose out on compound interest.

To replace a savings withdrawal amount and its potential growth, you would need to invest significantly more in your retirement fund than the original amount that you withdrew. This is because the new contributions have less time to compound and grow before you retire.

South Africans need to be aware of the long-term implications before withdrawing their retirement funds. They should get advice on financial decisions as significant as this.

Taxes won’t affect your withdrawal

The important step of the withdrawal process is the tax directive application, which dictates how Sars will tax your savings pot withdrawal amount.

The withdrawal amount will be taxed at your current tax rate, which will depend on your total taxable income in the tax year, including the withdrawal from the savings pot.

The income tax as well as any outstanding tax debt, will be deducted from the withdrawal amount before it is paid to you.

02/09/2024

Here is what you need to know about taking cash out of your savings component and the impact on your retirement planning goals.

Dear Rugaya

I am committed to empowering my clients to live confidently, securely, and prosperously. I want to help you make the best possible decisions to secure optimal outcomes for your financial future.

From 1 September 2024, the two-pot retirement system allows clients access to a portion of their retirement savings before retirement. You may be wondering if accessing this money from your savings component is the right thing for you.

Here is a recap of how the two-pot retirement system works

On the 1st of September 2024, the Savings Component received a once-off seeding from the vested component, and from here it will grow with 1/3 of your contributions and investment returns. ONE WITHDRAWAL PER TAX-YEAR IS ALLOWED subject to a minimum of R2000 (No Maximum).

The retirement component will grow with 2/3 of your contribution and investment returns MUST BE PRESERVED UNTIL RETIREMENT

Then there's the vested component - All accumulated savings until the 31st of August 2024 reduced by the seeding capital into the savings pot will continue to grow with investment returns. PRE_1st of September 2024 LEGISLATIVE RULES APPLY.

While the short-term effect of accessing this money could help you relieve some immediate financial pressure, there are still some important considerations to make before withdrawing, such as the tax implications and the long-term effect on your retirement savings goals. Withdrawals from the savings component should be a last-resort option for financial emergencies.

Withdrawals from the savings component will have an impact on the annual income tax payable by you because it will be taxed at your marginal income tax rate. This rate will depend on your total taxable income in the tax year, including the withdrawal from the savings component.

The process to request a withdrawal

From 1 September 2024, the values of the relevant components on each of your retirement plans will be displayed on your benefit statement.

1. View your benefit statement online on Sanlam Secure Services or WhatsApp at 0860 726 526 or any other pension provider you may have.

2. Ensure you have a minimum balance in your savings component of R2,500

3. Complete a withdrawal request form

08/08/2024

SITESHI LIGWALAGWALA FM
LUHLELO TEKUHWEBA NETETIMALI
SIHLOKO INCOME TAX
UMSAKATI PORTIA LUTHULI
UMHLELI THEMBI MNISI
LUSUKU 08 INGCI 2024
SIKHATSI 21:30
SOLWATI MNTFWANENKOSI MAKHOSONKE NKOSI-072 524 5156

07/08/2024

Is it possible to have my estate wound up without fees in South Africa after I die?

In South Africa, having an estate wound up without any fees is impossible. When an estate is administered, there are unavoidable costs associated with the process.

These fees include:

Executor Fees:
Executors are entitled to compensation for their services. The fee is typically a percentage of the estate’s value or an hourly rate.
Master’s Office Fees:
The Master of the High Court charges fees for various administrative tasks related to winding up an estate, such as filing documents and obtaining letters of executorship.
Transfer Costs:
If property needs to be transferred to beneficiaries, transfer costs (including conveyancing fees and transfer duty) apply.
Other Expenses: T
There may be additional expenses, such as advertising, valuation, and legal fees.

07/08/2024

Let’s explore the importance of having a will and the implications of dying without one in South Africa:

Having a will is incredibly important and cannot be emphasized enough.
Please remember the importance of having control over asset distribution. A will allows you to specify how your assets (such as property, investments, and personal belongings) should be distributed after your death. Without a will, the state’s laws determine this distribution.
Appointing an Executor: With a will, you can appoint an executor to manage your estate. This person ensures that your wishes are carried out and handles administrative tasks.
Avoiding Family Disputes: A will help prevent family conflicts by clearly outlining your intentions. Without one, disputes may arise over inheritance.
Protecting Children: If you have minor children, a will allows you to name guardians who will care for them if both parents pass away.
Tax Planning: Proper estate planning can minimize tax liabilities for your heirs.
Costs Associated with Dying Without a Will:
When someone dies without a will (intestate), state law governs estate administration.
Asset Division: The state divides assets, often giving one-third to the spouse and the rest to surviving children.
Legal Consequences: You lose control over property distribution, and strangers make familial decisions. This can lead to family disputes.
Tax Consequences: The state can tax property transfers. Inheritance tax may apply to assets left to heirs.
Avoidance Methods: Creating a will with a competent fiduciary firm representative and our attorney helps limit tax liability. Methods include gifting before death, trusts, life insurance, and strategic investments1.
Implications of Dying Interstate:
Intestate Succession: State laws determine who inherits your assets. Spouses, children, parents, and other relatives may have specific rights.
Executor Appointment: The court appoints an executor, often a family member. They handle the estate administration.
Complexity and Delays: Without a will, the process can be more complex and time-consuming.
Risk of Unintended Outcomes: Your assets may not go where you intended, especially if you have blended families or unique circumstances.
In summary, having a will ensures your wishes are honored, minimizes costs, and provides clarity during a difficult time.