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Author Topic: My retirement blog.  (Read 403106 times)

Orca

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My retirement blog.
« on: December 13, 2013, 07:25:56 pm »
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.






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Orca

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Re: My retirement blog.
« Reply #1 on: December 15, 2013, 07:11:02 pm »
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.




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Patrick

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Re: My retirement blog.
« Reply #2 on: December 16, 2013, 03:39:40 pm »
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!
« Last Edit: December 16, 2013, 09:09:53 pm by Patrick »
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Orca

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Re: My retirement blog.
« Reply #3 on: December 16, 2013, 05:24:30 pm »
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:   
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gcr

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Re: My retirement blog.
« Reply #4 on: December 16, 2013, 08:46:10 pm »
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
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Nivek

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Re: My retirement blog.
« Reply #5 on: December 16, 2013, 09:31:32 pm »
Why not leave your money here and just take a VERY long holiday there?
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Orca

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Re: My retirement blog.
« Reply #6 on: December 17, 2013, 10:37:40 am »
Quote from: gcr on December 16, 2013, 08:46:10 pm
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

South Africa has standard Double Tax treaties with most if not all EU countries. (Shown on SARS website)
These treaties are put in place to prevent paying Double Tax.
All income is taxed at source. For instance, If I were to move to France and earn my income here on the JSE, then I will pay normal tax in SA. In France I will have to declare my foreign income from SA and will get credit for the tax I already paid in SA. Due to the economy, most European countries pay 5 to 8% more tax than we do so I will only pay in the difference.
Portugal on the other hand has become a tax haven since last year. To attract foreign money, they have given a 10 year tax exemption to all foreigners seeking residency in Portugal.
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Orca

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Re: My retirement blog.
« Reply #7 on: December 17, 2013, 10:48:34 am »
Quote from: Nivek on December 16, 2013, 09:31:32 pm
Why not leave your money here and just take a VERY long holiday there?
That is exactly what I am planning to do. Minimum of 2 years and if we like it there, we will make it permanent.
Problem is that if I am absent from SA for 91 consecutive days, I will cease to be a resident here. If I am in any Euro country for 91 days or longer, I will have to apply for residency in that country.
These laws are relatively standard in all countries that have Full Double Tax Treaties.
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Orca

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Re: My retirement blog.
« Reply #8 on: December 17, 2013, 05:09:55 pm »
Before I confuse some people I must add this. If you work in a foreign country but have property here or a wife and kids and consider SA to be your home. A place where you come back to on a regular basis. A place where you don't live out of a suitcase, the 91 days will not apply.
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Orca

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Re: My retirement blog.
« Reply #9 on: December 17, 2013, 05:46:50 pm »
Went shopping with the wife today. Geez. Meat prices have gone up by R20 per kilo overnight. Chops are R99.99 per kilo. Not even Best End.  :wtf: Pork chops are R89.99. Lean mince is R79.99. Last time I looked, Beef and Pork fillets were at these prices. Now they are R140.
How can pensioners survive at these prices? Getting worried now.
Hordes of shoppers were just staring at the meat and nobody buying. One woman was telling a packer off at the high prices as if it was his fault.
Walked away with some mince and chicken pieces.
« Last Edit: December 17, 2013, 05:51:14 pm by Orca »
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Aragorn

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Re: My retirement blog.
« Reply #10 on: December 18, 2013, 08:24:25 am »
It's Xmas at the Cape - Everyone trying to rip off the Tourists and visitors as well as their own kind.......
Happens every year around this time. You should have stocked up in Nov to carry you through to mid/end Jan.
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yozzi

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Re: My retirement blog.
« Reply #11 on: January 09, 2014, 09:27:55 am »
Quote from: Orca on December 15, 2013, 07:11:02 pm
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.


So Orca are you now going to invest in the Indi as you said before?



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jaDEB

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Re: My retirement blog.
« Reply #12 on: January 09, 2014, 10:05:52 am »
Quote from: Aragorn on December 18, 2013, 08:24:25 am
It's Xmas at the Cape - Everyone trying to rip off the Tourists and visitors as well as their own kind.......
Happens every year around this time. You should have stocked up in Nov to carry you through to mid/end Jan.

I lives in Boksburg, every Saterday morning I go and buy meat to braai. Trust me, the prices are going up, and we only have 4 tourist per year. How you can pay R80 rant for 4 little chops ... wtf ...

lol ..
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jaDEB

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Orca

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Re: My retirement blog.
« Reply #13 on: January 09, 2014, 01:19:01 pm »
Quote from: yozzi on January 09, 2014, 09:27:55 am
Quote from: Orca on December 15, 2013, 07:11:02 pm
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.


So Orca are you now going to invest in the Indi as you said before?




At this stage I cannot as I have to wait till next year June for the 3 year thingy. My Base Cost for CML is 24.7 and the price is now around 80. The tax will kill me.
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jaDEB

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Re: My retirement blog.
« Reply #14 on: January 09, 2014, 03:46:32 pm »
Arrggg ..

It only hit me now...this is the first time you got CML wrong, u predicted R90 end of 2013.  :frustrated:  :frustrated:

Give us your call for end Jul and end 2014...

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jaDEB

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