5 replies to this topic

[Bread]

Please cancel my request. I've discovered I have to click on the Sharechat topic in the Sharechat forum ggrrr.

 

Sorry for hijacking this thread.

 

When I follow your instructions, BlythZ, the greyed-out button on the right says - You cannot start a new topic -

 

Can someone please tell me how to start a new topic.

[Bread]

Sorry for hijacking this thread.

 

When I follow your instructions, BlythZ, the greyed-out button on the right says - You cannot start a new topic -

 

Can someone please tell me how to start a new topic.

 

 

If you click Forums, scrol down to ShareChat and click that oen then you will see start a new topic on the right

[BlythZ]

Hi guys, how do you post a new topic in this forum? Thank you in advance.

If you click Forums, scrol down to ShareChat and click that oen then you will see start a new topic on the right

Edited by BlythZ, 06 March 2015 - 01:55 PM.

[MrDividend]

After deciding that I would not take this up further, they just called back and said they where wrong - or something wrong with their system. Think they also need to fix their response to emails.

 

Hopefully just beginning teething problems

[MrDividend]

What a pity - I really thought these guys would breath some fresh air into the share trading market - making it accessible for the smaller guys to start owning shares - I really did want them to do well.

 

Having now "test drived"  my account with them for a few months I can now see a few problems.

 

a) I sent two emails - using their online form - nether was replied to so after a couple of days had to phone. This really pisses me off - why bother having a form if you not going to answer???

 

First problem was my funds where not allocated - no biggie, phone call sorted it out.

 

c) Problem at the moment. Dividend tax has been taken off a REIT (TWR) distribution. It's a tiny amount, but it's the principal of the thing. Funnily enough, after chatting to the guy about it, he called me back and said they are right and should take the 15% off. This is where it get's interesting - here is the SENS.

 

 

Dividend distribution

Notice is hereby given that dividend number 3 of 41.991 cents per share has been declared

in respect of the 6 months ended 30 November 2014. In accordance with Tower’s status as a

REIT, shareholders are advised that the distribution meets the requirements of a ‘qualifying

distribution’ for the purposes of section 25BB of the Income Tax Act No. 58 of 1962 (‘Income

Tax Act’).

Accordingly the dividend distribution received by South African tax residents must be

included in their gross income and will not be exempt in terms of the ordinary dividend

exemption in section 10(1)(k)(i) of the Income Tax Act as a result of paragraph (aa) of the

proviso thereto which provides that dividends distributed by a REIT are not exempt from

income tax.

The dividend distribution received by South African tax residents will, however, be exempt

from dividend withholding tax provided that the shareholder has provided the following

forms to their Central Securities Depository Participant (‘CSDP’) or broker, as the case may

be in respect of uncertificated shares or the company, in respect of certificated shares:

a) a declaration that the dividend distribution is subject to a reduced rate as a result of the

application of a DTA; and

a written undertaking to inform the CSDP or broker, as the case may be, should the

circumstances affecting the reduced rate change or the beneficial owner cease to be the

beneficial owner,

 

I see this as I will need to list this as income and therefore should not pay the 15% - he is looking at the second bolded part about having to hand in some forms.

 

Just spoke to my ABSA stockbrokers - and you are WRONG!!! He also said it was pretty much automated - so you guys do not really know how your system works ether it seems.

 

You guys need to learn what a REIT is. Pretty pathetic when you say you are stockbrokers.