General Category > Shares

My retirement blog.

(1/83) > >>

Orca:
Into my second month of early retirement and loving it. No more alarm clocks to wake me at 04.30am. Spent most of our time cleaning and clearing all the crap we accumulated over the years. Not done yet as we now have to get rid of all the DVD's, cameras, cellphones and other bric n brack. Perhaps Cash Crusaders next week.
Our landlord has given us till June latest to move out.

I have not yet had to sell shares due to the divies and the R10k the buyer of my business pays me every month. May will be the last payment. Then it will be selling shares for a living.

I have worked out that I can sell R70K of CML shares without any tax and will add to MTA. This is peanuts as I hold 30x more in CML. As much as I would like to sell most of my CML holding, I cannot as I bought it at 24 odd and it is now around 80. I have not held it for 3 years yet so will not be tax effective. Not that CML will tank soon but I think she will flatline.

Orca:
Thanks Griffin. Been spinning for Yellowtail all weekend to no avail. Anyway, a bad day fishing is better than a good day at the office. Boats coming in with loads of Snoek though.
Anyway, to make myself credible, I have to show some figures. Nobody knows me anyway so here goes.
CML - R1 925 350.00. Eish. Too much but it just grew all by itself.
MTA and PNC at almost equal amounts totaling R643 000.00.
OMN has a teeny amount of R54 531.00. Was going to add to it monthly but decided to increase MTA for alpha.

That is roughly R2.6M. This is my starting point for this blog.

Patrick:
I was fishing the other day and a passer by woke me and asked what bait I was using. I said just a shiny hook. She asked if I caught anything and I told her no. Then she said I should get some bait. Told her that if I did that then I would have to get the fish of my nice shiny hook. Rolled over and went back to sleep...

All the best Orca, my fishing days are still a few years off!

Orca:
Thanks Patrick. Can't wait for the sea bass and cod in Portugal next year. Spent most of today researching "Exit Tax". That is the tax one pays when one ceases to be a "Resident of SA". Very complex as Mark Shuttleworth found out in his court case against SARS this year.
I'll be OK with CGT less the exclusion of R30k but if my stocks are not yet held for 3 years, they might see them as trading stocks and tax me fully. This I cannot handle as the tax would be as high as R400K.
To pay this, I would have to sell R400k shares and this sale would attract more tax as revenue. To pay this "more tax", I would have to sell even more shares and then....... Aaaaarg.  :wall:   

gcr:
Orca - not sure if you have studied Portugal's tax laws, if not maybe you need to. Just some live experiences - my sister and her husband have just retired to their French property and they can't earn any funds in France. If they do earn funds in France the French tax regime require them to list all foreign holdings and income earned outside of France. They would then be tax on these holdings/income as if they were residents of France. So all pension funds and income are generated in in Britain and retained in accounts in Britain - when they require funds they carry the funds across in euros to France or used their British based credit cards. They were interested in running a B & B and doing some market gardening but have shelved these ideas due to the potential for double taxation

Navigation

[0] Message Index

[#] Next page