Higher income earners pay higher taxes; that's just the nature of it. It's not the black card that attracts tax deductions, its the number of zeros on your payslip that does that. So if I move up from earning 500K a year to earning 800K a year and choose for my personal account to remain on Premier Cheque and I don't upgrade it to Private Client, I will still pay the same taxes as the person who is earning as much as me who happens to have a black card. All in all, the video was unfortunately not helpful at all in explaining why black cards are bad.
@@HlanganisoMaluleke no man u aren't correct but you can speak me and I can help to review your content before you put it up online cz I like the idea of teaching people about money but I am not really a presentation type of guy.... Lulamafose100@gmail.com
What you doing is dope. I'm in the accounting industry and we need young guys being real about the actual "behind the scenes" of what goes on in the financial game. When people see a celeb pop bottles at a club it's only a few that think that this guy is probably avoiding tax by swiping his business account and writing off this large expense as entertainment in order to end up being booked at the very same club.
You do understand that you need a certain amount going through your personal account to qualify for a black card right? And that you get taxed depending on the amount of money you get? The more the money, the more the tax
Buddy tax has nothing to do with the black card. People out there work hard to get to a certain level of earning and pulling out a black card has got nothing to do with looking cool and if that is something that people like then kudos to that person, but if you enjoy earning less money then by all means you do you sir but do not bad mouth people that work hard to live a certain lifestyle. You will pay tax regardless if you earning 300k a year or 900k it is only obvious that the more you earn the more tax you will pay. One thing to note here if you do not have the black card then you should have nothing to say about it. When you experience that pleasure of whipping out the black card then come back to me and tell me what it really means to have a black card. With all the comments in here clearly showing 2 things so unrelated to one another....do I have to say more......
You went off topic. Black cards suck if you don't use it to its full potential plus it's benefits. Then you will suffer unnecessary costs. Black cards are nice for earning points. On international housing income or visits flight bookings purchases. Foreign income. Businesses efc
This information might have been useful when the video came out. Anyone can get that card now if you have an active cashflow. No need to qualify now. You just have to pay the R450 monthly charges and they give you the plastic. 🤷🏾♂️
No u didn't change my mind. The most important advice on this video is to not deposit a lot amount of money so u can avoid tax wich is only for people who deal with hard cash 😉.
You dont need 1.5M in the past year, you need to be earning 1.5M annually (R150k Monthly) if anything rather go with Standard Bank World Citizen, revolving credit is 100s
Not quite... You only need to continually earn that amount if you wish to reap the reward benefits. Otherwise you simply need to qualify for the account once - that is, maintaining a balance of R150k for at least one month (31 days+) or depositing 1.5 million, in order to be able to qualify. For example, if you sell your house and the profits are paid into your account, as long as the yearly deposits is above 1.5 million, you will qualify - But only for that year.
@@fireberrywocky There's no minimum amount needed to be kept in their savings account etc... you just need to be earning more than 750k p.a or have assets worth R15m +
First thing I did the moment I started getting large sum monthly I move my income to business account and start paying myself by making a monthly payment to my personal account for my expenditures
But the tax issue and the black card are too unrelated issues, whether you have the card or not, you still liable to the tax, personally I feel like you are jealous of black card people.
The relation between these two things is simple; you need a lot of money coming into your personal account to get a black card. You pay taxes depending on the amount you earn. The more the money, the more the tax. It's not jealousy or hate, its facts. Do the calculations yourself and check it out
If you weren't working for someone then why would money be coming to your personal account, that's why you would be getting a Business debit which then you can claim VAT if you making the necessary turnover
This is actually not at all how things work. No research went into this video. This is like that guy at the pub talking crap but sayin it with confidence. We’re all liable to pay tax according to our income bracket regardless of what colour card or which bank we use. Nice video though. Great transitions and graphics
Thanks for the comment. You are correct. But note that the company your work for pays tax on your behalf. for example, it pays R41,114.46 to SARS if your salary is R120,000. This is money due to you going to SARS. If you are not employed and you get the same cash R120000 maybe from a project you did, you are responsible to paying that exact amount for yourself to SARS
@@HlanganisoMaluleke Than in this case, it does not matter whether I have a black card as company will still pay the 41k over to SARS. The trade off you are referring to in the video does therefore not exist.
SARS will tax you big time even if the R1.5 mil goes into the FNB easy account duuude!! not all rich or wealthy people pay tax, if anything some have sars paying them through tax rebate.
Mentioning tax was completely irrelevant. Company tax is 28%, I think they announced that it will go down to 27%. Personal expenses run through a business will not be deductible from your business’ taxable income. I mean you can inflate your expenses and declare a lower taxable income to SARS, but you will be caught out if they choose to audit you, if it’s not a legitimate deduction in terms of section 11a, that constitutes tax evasion and not tax avoidance. All your previously deducted personal expenses will have to be taxed, because it constitutes a Gross Income for you. You can own a business, and run your income through the business, then pay yourself a dividend which there’s a withholding tax of 20% but it is tax exempt in your hands. Effectively having paid 20% to SARS instead of the highest income tax bracket. But then the business is still liable for tax at 28% on taxable income for the period. The type of product you get from a bank depends on what you need and has nothing to do with taxes.
Ai mfethu the presentation is great. The content is however totally off. What I hear is you saying: if I opt for a gold account and earn 1.5m I will not be taxed...."If you do not want to be paying an exorbitant amounts of taxes do not get a black card"
I am from the uk and I am going to be an expat in South Africa for five years. Initially I got the standard bank signature account but it was terrible I didn’t get a private banker as promised and they don’t have visa infinite or signature which is why I also don’t bank with fnb and the staff at fnb were rude to me for being foreign. Then I got the nedbank private wealth and it provided me with the best banking experience. I wanted to get the discovery purple wealth suite but you have to be South African. The lastly I got the investec private bank with is good for investing
That calculations can not be correctly. That 41k will be the maximum you can possibly pay. There are many deductions you can make use of to reduce your tax debt. You are also not taxed on the money that comes in your account, you are tax on the income you earned less deductibles which is not equivalent to money that comes in your account.
Firstly, having a black card and tax are totally unrelated. Furthermore, and most IMPORTANTLY high income earners, black card holders, and their advisors know how to move their finances around to not be taxed such as topping up their retirement annuities. Until you reach a black card status and have such an experience, it is unfair to make such statements.
I agree with you, but is what you are saying common knowledge? And wouldn't you agree that it is mostly within entrepreneur high income earners who can maneuver their finances like that as opposed to everyday worker employees? The more you want earn to want to qualify for a black card your open yourself to inevitable fact of getting taxed much higher, that's all I'm saying
@@HlanganisoMaluleke Forget about manuvering finances. If you have a black card and I don't and we both earn 1 million Rand per month, we will pay the same tax if we dnt have any other deductions. The point here is that there is no correlation between black card and tax as you will still pay the same amount of tax whether you have a black card or not if the income is the same. Tax is determined by the SA income tax act not by the type of black card you have. There is no mention of black cards in the uncle tax act.
Wow bro thank you so much. This was eye opening for me, just the other day I was excited about getting a black card. I have changed my mind. So you say the alternative could be business?
With all due respect this is a bucket load of false statements. Tax applies to everyone. And at one point you're suggesting that people with business shoulf cok up their books 🤔.
You're right tax does apply to everyone, one thing I did not mention in the video which I think is really important is that this video is for the self employed people, people who can choose how much they pay themselves, with that it means you choose how much tax you pay. As for cooking up the books, that's not what I am saying, I'm suggesting, tax avoidance measures, which are completely legal
Black card is for those that can afford the lifestyle of a black card, don’t get a black card when you don’t have the money and the assets for a black card simple. To avoid being shot in the food stay in your income and asset bracket simple. Oh yeah please don’t talk about black card and taxes because rich people don’t cry about because the money they make is much more than what they are being taxed, in countries like ours we have tax limits like if you get paid around 1,6 mill or more you get taxed 587k (plus the taxable stuff which we all know don’t really add up to much when it comes to the rich). This goes back to if you can afford or not and if you can’t stay away from looking like the rich of South Africa because it’ll be too much to handle.
Hlanganiso Maluleke If price is your concern on this product then you are not the target market,the target market for this product see value in what they pay for.
People need to stop that they taking somebody black cards especially when people like me don't live in kindergarten that s*** is lame and people really need to stop that
What a load of nonsense. This guy doesn’t understand what he’s talking about. But then again at 22 you probably haven’t understood the real reason for going private...and it’s not flexing.
You are being too general. Message here is: Moving money from your business account to your personal account to get a black card is bad. Agreed. But what if my salary falls on the black card level? I can only receive it through my personal account. May as well maximise my ebucks with a black card.
I fully understand your argument here.This video is for those who get to choose how much money they earn and send tho they personal bank accounts. If you work and earn that amount of money then there's really nothing you can do about it
Haha middle class pple complaining about rich pple/rich businesses cards... You like taking chances yong!.. Unless you are a multi millionaire, dont acceot or apply for this cards, we are tired of you bitching how useless or scams this cards are, while infact the scams are you trying to use cards meant for big leagues and big boys😅... Dont force it guys. (ur time will come).. i se a lot of newbies trying to act like us holding this cards all over the place this days... Its ok,it's nice when we are all rich, lets all get rich, but it starts getting annoying when you start falling off and bitching... If you think the 1.2k we pay X12 a year for the services of this cards is crazy, you are in the wrong leagues my friends.. Go back to the drawing board and work hard. (your time will come 1 day)... This cards are not meant for chancers😅. (wait till you hold the Black American Express, lets see how much u complain then).
Higher income earners pay higher taxes; that's just the nature of it. It's not the black card that attracts tax deductions, its the number of zeros on your payslip that does that. So if I move up from earning 500K a year to earning 800K a year and choose for my personal account to remain on Premier Cheque and I don't upgrade it to Private Client, I will still pay the same taxes as the person who is earning as much as me who happens to have a black card. All in all, the video was unfortunately not helpful at all in explaining why black cards are bad.
I fully agree with you. Earning a lot to get a black card is what I'm speaking against
@@HlanganisoMaluleke Your point is contradicting.
@@HlanganisoMaluleke no man u aren't correct but you can speak me and I can help to review your content before you put it up online cz I like the idea of teaching people about money but I am not really a presentation type of guy.... Lulamafose100@gmail.com
Literally came here to say this as I just bumped to his vid
@@HlanganisoMaluleke you speak nonsense
But man even if you don't have a black card but receive a lot of money you are still going to pay the taxes
yes but if you open a business account youll pay less tax than on your personal account
I just want it cos it looks good😂
Me too😂🤣
😁😁😁😂😂😂
Thats the trap😭😭😭😭😭😭🤷🏽♂️
the tax part doesnt really matter which card you have, as long as you obey the law regardless of you card colour you will pay the amount.
does it even matter if hes right or wrong... he said it confidently so we will believe him....respect
What you doing is dope. I'm in the accounting industry and we need young guys being real about the actual "behind the scenes" of what goes on in the financial game. When people see a celeb pop bottles at a club it's only a few that think that this guy is probably avoiding tax by swiping his business account and writing off this large expense as entertainment in order to end up being booked at the very same club.
This guy is a fool - black card doesnt attract tax . Tax is tax irrespective of card you use.
You do understand that you need a certain amount going through your personal account to qualify for a black card right? And that you get taxed depending on the amount of money you get? The more the money, the more the tax
Hlanganiso Maluleke
Man tax is tax irrespective of the card you use
Buddy tax has nothing to do with the black card. People out there work hard to get to a certain level of earning and pulling out a black card has got nothing to do with looking cool and if that is something that people like then kudos to that person, but if you enjoy earning less money then by all means you do you sir but do not bad mouth people that work hard to live a certain lifestyle. You will pay tax regardless if you earning 300k a year or 900k it is only obvious that the more you earn the more tax you will pay. One thing to note here if you do not have the black card then you should have nothing to say about it. When you experience that pleasure of whipping out the black card then come back to me and tell me what it really means to have a black card. With all the comments in here clearly showing 2 things so unrelated to one another....do I have to say more......
@@HlanganisoMaluleke Your'e not still explaining why the black card is bad
Matthew Vigus no sir😂😂, you hit the nail on the head. Let’s get these black cards.✍️
Great tip for the business part!
Thanks bro..really appreciated it...Can't wait for eBucks
You went off topic. Black cards suck if you don't use it to its full potential plus it's benefits. Then you will suffer unnecessary costs. Black cards are nice for earning points. On international housing income or visits flight bookings purchases. Foreign income. Businesses efc
You talking Schweppes wena...what does black card have to do with taxes? Boy sit down 🪑
Eish the guy you summed it up quit excellent am sure Christian will approve!! Number one
Buy a gloss black aerosol can of spray paint and spray your card. Make sure you mask the gold chip before you start spraying. 🤣😂🤣😂
lol
I like the gold card..............I pretend if I put it in the ATM , gold will come out ! Always disappointed but I'll keep on trying !
🤣🤣🤣🤣
This information might have been useful when the video came out. Anyone can get that card now if you have an active cashflow. No need to qualify now. You just have to pay the R450 monthly charges and they give you the plastic. 🤷🏾♂️
Honestly.
The SARS part shouldn't be a disadvantage, everyone should pay tax and not everyone has the flexibility to join a company via a company
No u didn't change my mind. The most important advice on this video is to not deposit a lot amount of money so u can avoid tax wich is only for people who deal with hard cash 😉.
Screw that am doing the most to get my black card..nd wen I do bazonya bo cheri.!!
Banyise boy 🤣🤣🤣
You dont need 1.5M in the past year, you need to be earning 1.5M annually (R150k Monthly) if anything rather go with Standard Bank World Citizen, revolving credit is 100s
Not quite... You only need to continually earn that amount if you wish to reap the reward benefits. Otherwise you simply need to qualify for the account once - that is, maintaining a balance of R150k for at least one month (31 days+) or depositing 1.5 million, in order to be able to qualify. For example, if you sell your house and the profits are paid into your account, as long as the yearly deposits is above 1.5 million, you will qualify - But only for that year.
@@fireberrywocky You may be right, but RMB is less strict (I currently bank with RMB).
@@succduc Tel me more... What do you mean by less strict 🤔🙏
@@fireberrywocky There's no minimum amount needed to be kept in their savings account etc... you just need to be earning more than 750k p.a or have assets worth R15m +
Please do make a video going in-depth about tax and especially about how to avoid loosing money to taxes
Read the income tax act
First thing I did the moment I started getting large sum monthly I move my income to business account and start paying myself by making a monthly payment to my personal account for my expenditures
Gerara here... your point is flawed - quite misleading. You are misleading people chief
Yeah, I changed my mind about black cards but I don't even qualify for one yet. hahahha
THAT IS A EVERY GOOD INFORMATION,TANX MAN
You need to receive the income consistently for three months to qualify not a once off deposit
For a private client you have to receive 750k for 3 months?
@@mixofloyd2576 Should be 60k per month for three months consecutively
But the tax issue and the black card are too unrelated issues, whether you have the card or not, you still liable to the tax, personally I feel like you are jealous of black card people.
The relation between these two things is simple; you need a lot of money coming into your personal account to get a black card. You pay taxes depending on the amount you earn. The more the money, the more the tax. It's not jealousy or hate, its facts. Do the calculations yourself and check it out
Why is there a need for a fuel card or garage card in South Africa?
If you weren't working for someone then why would money be coming to your personal account, that's why you would be getting a Business debit which then you can claim VAT if you making the necessary turnover
A dude with a black card probably chowed your girl coz hai khona🤣🤣🤣🤣
This is actually not at all how things work. No research went into this video. This is like that guy at the pub talking crap but sayin it with confidence. We’re all liable to pay tax according to our income bracket regardless of what colour card or which bank we use. Nice video though. Great transitions and graphics
Isn't the money going into your account after tax income if it's your salary? If you have a business then you'd typically have a business card.
Exactly my understanding.
Thanks for the comment. You are correct. But note that the company your work for pays tax on your behalf. for example, it pays R41,114.46 to SARS if your salary is R120,000. This is money due to you going to SARS. If you are not employed and you get the same cash R120000 maybe from a project you did, you are responsible to paying that exact amount for yourself to SARS
you're right, your income is not reflected by only your deposits. That means, there are actually multiple ways for you to qualify for the account.
@@HlanganisoMaluleke Than in this case, it does not matter whether I have a black card as company will still pay the 41k over to SARS.
The trade off you are referring to in the video does therefore not exist.
SARS will tax you big time even if the R1.5 mil goes into the FNB easy account duuude!! not all rich or wealthy people pay tax, if anything some have sars paying them through tax rebate.
My point exactly bro
Too many holes in this presentation.
Bro😂🤧
this is a shocker
Mentioning tax was completely irrelevant.
Company tax is 28%, I think they announced that it will go down to 27%.
Personal expenses run through a business will not be deductible from your business’ taxable income. I mean you can inflate your expenses and declare a lower taxable income to SARS, but you will be caught out if they choose to audit you, if it’s not a legitimate deduction in terms of section 11a, that constitutes tax evasion and not tax avoidance.
All your previously deducted personal expenses will have to be taxed, because it constitutes a Gross Income for you.
You can own a business, and run your income through the business, then pay yourself a dividend which there’s a withholding tax of 20% but it is tax exempt in your hands. Effectively having paid 20% to SARS instead of the highest income tax bracket. But then the business is still liable for tax at 28% on taxable income for the period.
The type of product you get from a bank depends on what you need and has nothing to do with taxes.
Ai mfethu the presentation is great. The content is however totally off. What I hear is you saying: if I opt for a gold account and earn 1.5m I will not be taxed...."If you do not want to be paying an exorbitant amounts of taxes do not get a black card"
Shit load of money 😂😂😂😂 you had me there
😂😂😂 it honestly is
I am from the uk and I am going to be an expat in South Africa for five years. Initially I got the standard bank signature account but it was terrible I didn’t get a private banker as promised and they don’t have visa infinite or signature which is why I also don’t bank with fnb and the staff at fnb were rude to me for being foreign. Then I got the nedbank private wealth and it provided me with the best banking experience. I wanted to get the discovery purple wealth suite but you have to be South African. The lastly I got the investec private bank with is good for investing
Yo this Saved me 🙏🏽🤭
youre still gonna pay tax though, black gold or yellow card
Tax is nothing to do with the Card dude lol
Business tax is 28%, not 23%
#Basics
That calculations can not be correctly. That 41k will be the maximum you can possibly pay.
There are many deductions you can make use of to reduce your tax debt.
You are also not taxed on the money that comes in your account, you are tax on the income you earned less deductibles which is not equivalent to money that comes in your account.
Dope Video. Very informative.
So when you talk about Business you mean getting money to your business account you can pay less tax?
Higher income and the more you pay taxes...papayi🤗💰
SARS is colourblind...
Firstly, having a black card and tax are totally unrelated. Furthermore, and most IMPORTANTLY high income earners, black card holders, and their advisors know how to move their finances around to not be taxed such as topping up their retirement annuities. Until you reach a black card status and have such an experience, it is unfair to make such statements.
I agree with you, but is what you are saying common knowledge? And wouldn't you agree that it is mostly within entrepreneur high income earners who can maneuver their finances like that as opposed to everyday worker employees? The more you want earn to want to qualify for a black card your open yourself to inevitable fact of getting taxed much higher, that's all I'm saying
@@HlanganisoMaluleke Forget about manuvering finances.
If you have a black card and I don't and we both earn 1 million Rand per month, we will pay the same tax if we dnt have any other deductions.
The point here is that there is no correlation between black card and tax as you will still pay the same amount of tax whether you have a black card or not if the income is the same.
Tax is determined by the SA income tax act not by the type of black card you have. There is no mention of black cards in the uncle tax act.
eishh that's your problem if you don't have a black card just leave don't come here and talk bad about it😂😂😂😂😂
Wow bro thank you so much. This was eye opening for me, just the other day I was excited about getting a black card. I have changed my mind. So you say the alternative could be business?
Your eyes were opened with wrong information. The guys doesn't know anything about taxes. Take it from a CA
What are the requirements to get a black card ?
Sars are now investigating your business accounting,lmao
Seeing you double down on the tax mistake.
Even if you have a green card and earn 120k a month... You will still pay the same amount of tax to SARS mate. lol
With all due respect this is a bucket load of false statements. Tax applies to everyone. And at one point you're suggesting that people with business shoulf cok up their books 🤔.
You're right tax does apply to everyone, one thing I did not mention in the video which I think is really important is that this video is for the self employed people, people who can choose how much they pay themselves, with that it means you choose how much tax you pay. As for cooking up the books, that's not what I am saying, I'm suggesting, tax avoidance measures, which are completely legal
What if I have R60 000 000 n I want to open a black card..?
Got some knowledge
1k a month 4 maintainance
Black card is for those that can afford the lifestyle of a black card, don’t get a black card when you don’t have the money and the assets for a black card simple. To avoid being shot in the food stay in your income and asset bracket simple. Oh yeah please don’t talk about black card and taxes because rich people don’t cry about because the money they make is much more than what they are being taxed, in countries like ours we have tax limits like if you get paid around 1,6 mill or more you get taxed 587k (plus the taxable stuff which we all know don’t really add up to much when it comes to the rich). This goes back to if you can afford or not and if you can’t stay away from looking like the rich of South Africa because it’ll be too much to handle.
Professional and well composed video
bro section 12J introduce by SARS is an option
if you complain about the price, you are not the target market!! video was not well researched . Bad content.
Are you saying the price is justifiable?
Hlanganiso Maluleke If price is your concern on this product then you are not the target market,the target market for this product see value in what they pay for.
Yas' bhedela wena!!
Kodwa mhle
People need to stop that they taking somebody black cards especially when people like me don't live in kindergarten that s*** is lame and people really need to stop that
He is childish i must say that
Stop pulling people down (negative energy)
What a load of nonsense. This guy doesn’t understand what he’s talking about. But then again at 22 you probably haven’t understood the real reason for going private...and it’s not flexing.
Black card of nie black card, u gona pay the same amount of tax
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
You are being too general. Message here is: Moving money from your business account to your personal account to get a black card is bad. Agreed.
But what if my salary falls on the black card level? I can only receive it through my personal account. May as well maximise my ebucks with a black card.
I fully understand your argument here.This video is for those who get to choose how much money they earn and send tho they personal bank accounts. If you work and earn that amount of money then there's really nothing you can do about it
Haha middle class pple complaining about rich pple/rich businesses cards... You like taking chances yong!.. Unless you are a multi millionaire, dont acceot or apply for this cards, we are tired of you bitching how useless or scams this cards are, while infact the scams are you trying to use cards meant for big leagues and big boys😅... Dont force it guys. (ur time will come)..
i se a lot of newbies trying to act like us holding this cards all over the place this days... Its ok,it's nice when we are all rich, lets all get rich, but it starts getting annoying when you start falling off and bitching... If you think the 1.2k we pay X12 a year for the services of this cards is crazy, you are in the wrong leagues my friends.. Go back to the drawing board and work hard. (your time will come 1 day)...
This cards are not meant for chancers😅. (wait till you hold the Black American Express, lets see how much u complain then).
Hai khona Boet....🤣🤣🤣
And.... this is why many people are not private clients.... #Assests #youareanidiot #STRUCTURE