FAQ
Cash management
What platforms are you accredited with?
Cash Management
- Investec
- Nedbank
- Capitec
- Discovery Bank
- Stanbury
Do I paymore for using OFO services?
No, we are remunerated from the
bank to act as your private banker for the services we can assist with.
Can my Trust or company also benefit from the cash management solutions?
Yes, we offer a wide variety of
saving solutions for Trusts and Companies in South Africa.
With a trust the interest can be
distributed to beneficiaries through the conduite principle to utilize the
interest exemption for each beneficiary reducing your tax significantly and in
cases reduce this to zero payable to SARS making this an tax free saving for
you.
Can I get better rates through OFO than bank directly?
Yes, OFO service agreement with the bank allowed us to get a higher rate. We can offer this due to the bulk rate we obtain from the bank. This mean you can in most cases earn a higher interest rate than the bank directly.
Any qualifying criteria with Investec?
We can open a Cash Manager Account for any South Africa citizen or
foreign citizen.
How can I obtain the best return over time if interest rates between banks change often?
The Investec money fund provide the average of the top 4 money
market funds every day. This ensure you obtain the best average rate available
in the market every day. All rates are compounded daily and added to your
investment monthly.
What other benefit does the account offer me?
The account not only provide the best interest rate, but also additional feautures to assist with running your cash management smoothly.
- Debit orders allowed
- Scheduled payments allowed
- Immediate payments allowed
- Property Guarantees allowed
- 3rd Party payments allowed
- Choice for interest to accumulate
or paid out - Easy access to other saving
products - Easy access to global saving
solutions - Dedicated private banker
What are my tax implications?
Tax you will always pay within the fund or directly to SARS. Endowment
policies offer a tax free payout, but the life insurer deduct tax within the
fund at a rate of 30%. If your effective rate is less than this then you pay
more tax than you should.
With banking products that we offer the interest earned form part of your
taxable income to SARS. The benefit of having a bank investment above an Tax
free payout product is that you benefit from the SARS individual exemption
every year.
Interest from a South African source earned by any natural person is exempt,
per annum, up to an amount of R23 800 if you are under 65 and an amount of
R34 500.
How is my interest accrued in my savings account?
Your savings are compounded daily
and deposited monthly into your account.
Foreign Exchange
How can I benefit from OFO instead of going directly to thebank?
Banks work on tiered structures all depending on the value of the
transaction. OFO are linked to several dealings boards directly and have more
leverage on the rate as we do not fall in the banking tiered rates.
Do I earn interest on my Foreign currency account?
We offer very good interest rates on the USD foreign currency account for
immediate access with the option to increase the interest rate further through
a global 30-day notice deposit account.
Do I need to shift my bank account to obtain this forexservice.
No, majority of our clients remain banking with the bank they are using and
utlizing a cheaper and/or more efficient process with alternative bank.
Can we assist with Forward cover
Yes we understand the importance of budgeting for year ahead and can assist
fixing teh exchange rate for your business up too a 2 year period
Do you work with Trusts and Businesses as well?
We work with companies and Trusts in South Africa assisting with
transferring wealth from South African Trust to global trust as well as
companies importing and exporting products from South Africa.
Can you assist with Foreign Currency account?
Yes, we assist you and guide you through the whole process from opening a
local South African account to receive international payments to an overseas
foreign currency account to hold cash in alternative currency
Bond Origination
What can I expect in my home buying journey?
We are here to assist you from start to finish to make your dream a
reality
Calculate how much can you
afford
Get pre-qualified
Find a property
Sign an Offer to Purchase (OTP)
Apply for a home loan
Insure your investment
The instruction is sent by
attorneys
Documents are signed
Compliance certificates are
supplied
Guarantees are provided
Lodgement
Registration and proceeds
How will I know how much home I qualify for?
Get your pre-qualified certificate prior to searching for your investment
property. The certificate is valid for 90-days and ensure you understand
what value property you need to search for in the property market.
How is my affordability calculated?
Looking at your income and debt levels. The debt level should not be more
than 30% of your gross monthly income.
What additional cost apply when purchasing a property?
You should provide additional capital for this expenseses prior to
transfer.
Transfer Cost
Transfer duties
Bond Registration
Your home loan may hold the key. What options are open to that my existing bond works for me more efficiently?
Take a holiday
A payment holiday is an agreement with your loan provider that allows you to
miss up to
3 monthly payments.
Access your access bond
If you have an access bond then
you can draw on the extra funds you've paid into your bond
Apply for readvance
You can apply to access the equity
of the bond payments already
made, and reduce monthly repayments if your home has gone up in value
Take out a further home loan
It is suggested to take the extra loan over a much shorter period of time,
such as 5 years, to attract less interest
Restructure your current home loan
The options available differ from bank to bank and may involve the
renegotiation of interest rate and an extension of original term.
Switch between providers
Yes, but you will have to go through a new application and credit vetting
process .
Namibia Deposits
Is Namibia a stable country to invest?
Invest in Namibia: A Safe Haven for Your Financial Future.
The Namibian government project that the economy will show substantial
growth in the years to come. They predict growth of 11.8% in 2025, 10% for 2026
and 8% for 2027. Comparing the projections to South Africa expecting a less
than 1% economic growth per annum over the same period.
How easy is it to invest in Namibia?
Namibia is a bordering country to South Africa. There are no special reserve
bank clearance required and easy to transfer funds to Namibia to invest throug
a Balance of Payment (BOP) form to be completed.
What Saving options available in Namibia?
You have a choice between the Fixed guaranteed Growth plan (1 to 5 years)
providing you with a daily compounded rate allocated monthly or a Fixed income
Investment (1 to 5 years) providing you with a fixed income for the specified
period.
Is it possible to switch between the Guaranteed income andGuaranteed growth within the investment term.
Yes, The policy provide the option to switch between different options
within the policy term as circumstances change.
How is tax managed for my Namibia Investment?
For South African residents any interest earned outside of South Africa will
be taxable in South Africa. Namibia are withholding 10% tax which is an
deduction in South Africa tax returns.
Can I add a beneficiary to my investment?
Yes you can add a nominated or multiple beneficiaries to your policy. This
will reduce estate cost.
VAT Audits
Will our data and information be kept secure and confidential throughout the process?
Our partner uses industry-leading security solutions to ensure the security
of our clients’ financial data provided for our Analytical Processes.
Standardized NDA further stipulates the Information Security Policies in place.
Any additional cost for using this service through OurFamily Office and not directly?
No additional charges for Our Family Office clients. The fee structure
remains the same directly or indirectly to our partner.
Why would we need a VAT Audit solution?
Due to unforeseen input errors, automated transaction capturing, and various
systems and human errors, claimable Input VAT entries are often not deducted
from payments due to SARS. Our partners process ensures future VAT compliance,
and processing errors from occurring.
Does the Accounting Systems and ERP software systems manageour financial, VAT and payroll functions correctly.
Our partner have tremendous experience in analyzing data from various
financial software brands and have found unclaimed Input VAT and VAT
overpayments in 100% of our clients serviced to date. System configuration
errors, human input errors and other unforeseen errors can cause inaccuracies
and result in unclaimed Input VAT transactions being processed.
Will this process require a lot of our time and resources?
Our client performs the analytical and verification aspects of the process
with minimal input from our client staff and representatives.
Will the identification of unclaimed input VAT transactionsreflect negatively on our staff,auditors, and financial software solutions providers?
We ensure that systems and audit processes are optimized, and that unclaimed
input VAT transactions are corrected. We present errors and incorrect
processing to our clients and their staff, to ensure that repetition of errors
are minimized.
Our partner offers all services on a contingency fee basis,are there any hidden or undisclosed fees applicable?
Our partner bill our clients based on a percentage of recovered losses, once
actual benefit is received in the form of a direct cash flow boost to your
business. Our partner does not charge any fees other than the agreed percentage
of direct cashflow benefit to our clients.
Could a substantial VAT saving, and deduction potentiallyinitiate a VAT review by SARS?
Our partner uses best practice methodology to deduct unclaimed Input VAT
amounts from the VAT payable to SARS in the current VAT period. We ensure that
savings are deducted in a manner that ensures complete compliance with SARS
regulation, while avoiding inconvenient VAT reviews from SARS in the months
following the savings deductions.
Our partner would not advise a client to trigger a net refund claim unless
it is unavoidable. We would suggest an offset on the Vat 201 as per the
following input adjustment.
Our partner will provide the customer with the relevant reporting and Vat
legislation pertaining to the case.
Could a substantial VAT saving, and deduction potentiallyinitiate a VAT review by SARS?
Our partner uses best practice methodology to deduct unclaimed Input VAT
amounts from the VAT payable to SARS in the current VAT period. We ensure that
savings are deducted in a manner that ensures complete compliance with SARS
regulation, while avoiding inconvenient VAT reviews from SARS in the months
following the savings deductions.
Our partner would not advise a client to trigger a net refund claim unless
it is unavoidable. We would suggest an offset on the Vat 201 as per the
following input adjustment.
Our partner will provide the customer with the relevant reporting and Vat
legislation pertaining to the case.
Does our partner submit a claim to SARS to recover the savings identified?
In most cases our clients are advised to adjust the VAT201 submission form
in the current VAT submission period or stagger it over several submissions to
avoid a refund claim from SARS. Where a refund scenario is not avoidable, SARS
will process the VAT refund in an efficient and timeous manner, as per the 21
working day legislated criteria.
If you had a VAT review performed in the recent past, whyshould we engage with our partner to perform the review again?
Our partner uses advanced analytical tools to identify unclaimed Input VAT
transactions. In addition, we have advanced methods of identifying additional
VAT payment or liability reductions through various means, which are not always
evident to accountants and external auditors.
Does SARS allow for unclaimed Input VAT transactions to berecovered after the VAT201submission for the invoice VAT period?
SARS allows Input VAT to be claimed and corrected for a period of 5 years
after the transaction or Invoice date. Any substantial savings outside of the
5-year window period can be presented to the SARS VAT commissioner for a
special ruling on the Input VAT deduction.
Get in touch
Have questions about your order, or a general enquiry?