Latest news with #R37
The Citizen
4 days ago
- Business
- The Citizen
‘I have lost my soul' – MaMkhize on losing Royal AM
The football club was recently auctioned along with some of MaMkhize's luxury vehicles. Shauwn Mkhize at the 2022 BET in Los Angeles, California. Picture:for BET Businesswoman and reality TV personality Shauwn 'MaMkhize' Mkhize has opened up about the emotional toll of losing her football club, Royal AM. The club, along with several of her luxury vehicles, was recently auctioned to settle a reported R37 million tax debt. Speaking to Andile Ncube on Metro FM this week, MaMkhize said she lost more than just money. 'I've lost my soul. I think my soul and my heart were invested in that brand. Money – put it aside. We work, we make money every day, but I've lost my soul. I think that was my baby.' She added that her greatest concern is for the many lives that depended on the club. 'Sometimes when you do something, you must look at the people and the lives of the people that you are affecting. There were people who depended on Royal AM. 'And what hurts me the most is not the money. It's about the families that I believe were affected by something that could have been controlled.' According to News24, Royal AM and 10 of MaMkhize's 14 luxury vehicles were sold at auction for R8.2 million. ALSO READ: Fur, football and forfeits: MaMkhize lives it up as netizens link her to the Mkhwanazi saga Fresh start: MaMkhize takes helm of eSwatini club MaMkhize was recently introduced as the new president of the Eswatini football club, Mbabane Highlanders AM. The flamboyant businesswoman has reportedly already rebranded the club, incorporating the gold colours of her former club, Royal AM, into the traditional black and white of the Highlanders. According to Sunday World, Mkhize did not purchase the club, as some reports have claimed, but has been appointed on a three-year contract to run the club. NOW READ: Nay Maps to host Simon Mabhunu Sabela Film and Television Awards this weekend
Daily Maverick
10-07-2025
- Business
- Daily Maverick
Income vs capital growth — reconsidering the worth of rental properties as retirement nears
When you reach retirement you now need to make a call on whether the capital growth and rental income on your property are better than investing in something else like a balanced fund. Question We will be retiring at the end of the year and have several investment properties in Cape Town that we rent out. We want to use the income from these properties to supplement our pension. I recently took a close look at the rental income we are getting, and when I deducted the costs of the levies and insurances, I realised that these properties are only generating an after-cost income of R22,000 a month, which is less than the R30,000 we need. The properties are worth R9-million. What should we do? Answer There is a lot of merit in buying property when you start out on your financial journey. The big advantage is the concept of leverage. You pay a deposit on a property and take out a loan for the balance of the purchase price. Over the years, you get the capital growth on the full value of the property (not just your deposit). If your monthly bond repayments are pretty much the same as the rental you have been paying for a property, then buying property is a great way to build up long-term wealth. However, when you reach retirement, the financial dynamics of property ownership change. Your bond should have been settled and you now need to make a call on whether the capital growth and rental income on this asset are better than investing in something else like a balanced fund. At this stage of your life, income rather than capital growth is the more important factor. I will run through some factors you should consider when trying to decide whether to keep or sell your properties. Income Rental properties that are not actively managed can underperform. Rent may not reflect market rates, especially if there's reluctance to increase it for long-standing tenants. It may be worth consulting a rental agent to assess whether your income can be increased. Tax and costs Rental properties come with ongoing costs – levies, insurance, rates and management fees. It's also important to remember that your net income is fully taxable at your marginal income tax rate, which can significantly reduce what you take home each month. Alternative investment option: a balanced fund You may want to consider selling and reinvesting the proceeds into a flexible investment such as a balanced fund. This can offer several advantages: Income: A well-structured balanced fund can support a sustainable withdrawal of about 5% annually. On a R9-million investment, this translates to a monthly pre-tax income of about R37,500 – significantly more than your current rental income. Tax: Most of the income from a balanced fund is treated as a return of capital or as capital gains, both of which are taxed at lower effective rates than rental income. Only 40% of capital gains are included in your taxable income, making this structure more tax efficient. Risk: A balanced fund spreads your investment across asset classes – equities, bonds, cash and property – reducing the concentration risk that comes with owning just a few properties in a single location. Involvement: Properties require constant attention – tenant management, maintenance and the risk of vacancies. A balanced fund is far more hands-off. Once set up with the help of a trusted adviser, it requires minimal involvement. Liquidity: Accessing capital from property is slow and usually requires either selling or taking out a bond. A balanced fund provides much easier and faster access to capital, offering flexibility if your needs change. If increasing your rental income is not feasible, it may be worth selling one or more properties and reinvesting in a balanced fund. This could give you higher income, better tax efficiency, less hassle and a more flexible and diversified retirement strategy. DM Kenny Meiring is an independent financial adviser. Contact him on 082 856 0348 or at Send your questions to [email protected] This story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R35.
TimesLIVE
08-07-2025
- Business
- TimesLIVE
Alarming rise of cheap, illicit cigarettes in SA shops
He said it was clear that current strategies to curb illicit tobacco sales were ineffective. 'We understand the resource constraints holding back the law enforcement agencies in our country and appreciate their attempts to clamp down on the illicit tobacco trade. However, the continued growth in the illicit tobacco trade, despite an increase in reports of interceptions and seizures, shows that the current approach is making no headway. 'There are a few relatively straightforward and cost-effective interventions that would have a significant impact. Deploying customs officials at factories, as was done successfully in 2019 before being discontinued, would ensure production volumes match quantities declared for tax purposes,' said Moloto. Batsa also called for the urgent introduction into the Customs & Excise Act of a minimum retail price (MRP) of R37 per pack of 20 cigarettes, which is an economically viable price when considering all taxes and the lowest costs and margins in the legitimate supply chain. 'This would make it illegal to sell cigarettes below the MRP, providing law enforcement with a simple, effective tool to identify non-compliant products. Additionally, manufacturing licences should be revoked for companies found to be consistently under-declaring their production volumes or engaging in tax evasion.'
IOL News
08-07-2025
- Automotive
- IOL News
Bids amounting to R8m placed in auction of Shawn Mkhize's luxury vehicles to recover unpaid taxes
The Bentley Continental GTC (2019 Edition) were among the vehicles placed on auction. Image: Bidders Choice website Bids amounting to just over R8 million were made in the high-profile auction of luxury vehicles and a tour bus seized from businesswoman and Royal AM Football Club owner Shauwn 'MaMkhize' Mkhize amid ongoing action by the South African Revenue Service (Sars) against her and associated interests. The online auction, which ran from June 27 to July 2 on the Bidders Choice platform, was according to recent reports part of efforts by Sars to recover over R37 million in unpaid business taxes associated with Mkhize, the Shandi Trust, and football club Royal AM. Held under the instruction of a court-appointed curator, the auction included 14 lots, comprising 13 vehicles and one branded bus. Bidders were required to register with a refundable deposit of R50,000 and were allowed to view the vehicles in Durban and Bapsfontein. According to the auction site's website, bids were placed but the sales were still pending. Two lots were withdrawn before the close of the auction. The tops bids were: 2020 Bentley Continental GTC (2019 Edition) – R3,280,000 2014 Mercedes-Benz Marcopolo G7 tour bus – R2,600,000 2018 Mercedes-Benz V-Class Maybach bus conversion – R1,270,000 2018 BMW GT 640i – R305,000 2016 BMW X1 – R112,500 2012 BMW X6 xDrive 40d – R132,500 2019 Toyota Hilux 2.7 VVTi Single Cab – R170,000 2009 Nissan NP300 Hardbody – R40,000 2016 Volkswagen Crafter – R157,500 Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The auction followed a preservation order granted to Sars by the court earlier this year after Mkhize's business entities reportedly failed to meet their tax obligations. The Royal AM Football Club, owned by MaMkhize, is currently under curatorship, and some of the seized vehicles were previously used by the club and the Shandi Trust. The vehicles included a team tour bus branded with Royal AM's insignia. Sars has not yet publicly confirmed the final sale values or the total recovered through the auction. THE MERCURY
The South African
07-07-2025
- Politics
- The South African
All eyes on MaMkhize: Construction mafia, SARS officer 'hit', and more
Controversial businesswoman Shauwn Mhize – also known as MaMkhize – has been thrust into the spotlight once again following a damning report by KwaZulu-Natal Police Commissioner, Nhlanhla Mkhwanazi. And many South Africans are 'connecting the dots' about the flamboyant woman's sketchy past, which includes bribery, corruption, and tax evasion. Some are even calling out the reality TV star and former PSL club boss for being allegedly linked to the assassination attempt of a SARS official, who had been investigating her case. On Monday, 7 July, MaMkhize topped the X trends list after KZN police commissioner Nhlanhla Mkwanazi and Police Portfolio Committee chairperson linked her relations to alleged corrupt businessman Vusimuzi 'Cat' Matlala and Minister of Police, Senzo Mchunu, who has been accused of having ties to the underworld. Here's a look behind the headlines… 'Construction mafia' In August last year, MaMkhize – the CEO of the Zikhulise Group, which deals in the construction, cleaning, maintenance, and transport sectors – confessed to 'collaborating with construction mafia'. Speaking to the SABC from a Women in Construction event in Durban, she said: 'As much as there are construction mafias, it is very important to collaborate. I've been in the industry for more than 20 years, with the construction mafia involved. 'But what I do is I sit down [with them]. It's a cry for help. You need to understand what they need, and you collaborate. I've done it. I've built quite a lot of people that are coming from construction mafias, which I call business forums'. She continued: 'They've never given me problems. We must look at them as enemies. We must listen, hear them out, and meet each other halfway. That's how I've done it'. Hit on SARS official? A year ago, MaMkhize's name trended in relation to an assassination attempt on a SARS advocate assigned to a R37 million investigation into her companies. In a statement, SARS revealed that Coreth Naudé was shot three times in her car after she arrived at her hotel in Umhlanga, Durban. Commissioner Edward Kieswetter said the shooting was a deliberate assassination attempt on their official, who had been investigating high-profile cases. According to EWN, this included MaMkhize's unpaid taxes saga. THAT Carte Blanche interview A few months earlier, MaMhize appeared in an interview with Carte Blanche , which she later stormed out of. The businesswoman was questioned about benefiting from over R1 billion in government tenders over a period of 20 years. However, MaMkhize denied that any of her business had materialised from her political connections, particularly from her late mom, Florence Mkhize, an ANC stalwart. She said, 'Why can't people look at me as a young black woman who has worked very hard, who has pushed boundaries and opened doors?' She added: 'I will never entertain the noise of the world. I live in my own world with my own rules'. When asked why she had evaded tax amid a luxurious lifestyle, the 49-year-old seemingly became defensive. 'Tax matters are personal. I don't have to divulge what my problems were'. Last year, MaMkhize was slapped with a R37 million tax bill relating to her business empire. As a result, SARS filed a court application to seize 13 high-end vehicles owned by Shandi Trust and Royal AM football club, of which the reality TV star holds a majority stake. The cars have since been auctioned off. The publication added that MaMkhize was also ordered to pay R12 million in her personal capacity to SARS. MaMkhize has been linked to alleged ties with criminally accused Vusimusi Cat Matlala and Minister of Police Senzo Mchunu. Images via X During a police raid of her La Lucia home last year, law enforcement uncovered a cache of licensed firearms and ammunition, allegedly belonging to tenderpreneur Vusi 'Cat' Matlala. In 2012, IOL reported that MaMkhize faced 119 counts of tax fraud, amounting to up to R5 million, for submitting fake invoices. She later blamed the oversight on her bookkeeper, Kishal Reddy, who pleaded guilty while she pleaded not guilty. According to Mail & Guardian , she was also charged with corruption for allegedly trying to persuade a state witness in one of her tax fraud cases to tamper with evidence. All charges were later withdrawn, and Shauwn walked out of the court as a free woman. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 . Subscribe to The South African website's newsletters and follow us on WhatsApp , Facebook , X, and Bluesky for the latest news.
