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Asset Allocation & Statutory Tax Realization

Look-through asset weighting matrix across all 10 10X portfolios with SARS statutory tax treatment per asset class and a mathematical breakdown of why equity compounding minimizes annual tax drag.

Asset Allocation Matrix across all 10 10X Portfolios

Asset allocations extracted from the official July 2026 MDDs with SARS statutory tax treatment per asset class.

Tax Makeup Guide (Green Labels) Tax rates in column headers update based on your selected 41% SARS tax bracket:
Read Full Tax Dynamics Guide →
Equities (Local & Global)

20% Dividends Withholding Tax + 16.4% CGT (deferred until sold; no annual tax drag).

SA & Offshore Bonds

Coupon interest taxed at your full marginal rate (41%). No dividend exemption.

Cash / Money Market

Interest income taxed at marginal rate (41%). Subject to annual R23,800 interest exemption.

SA Property (REITs)

Taxed at full marginal rate (41%) under Section 25BB. Does NOT qualify for 20% dividend rate!

Fund Name
10 Portfolios
SA Equity
[20% Div / 16.4% CGT]
Int'l Equity
[20% Div / 16.4% CGT]
SA Bonds
[41% Marginal]
SA ILB
[41% Marginal]
Int'l Bonds
[41% Marginal]
Cash / MM
[41% Marginal]
SA Property
[41% Marginal]
Local %
[Domestic]
Offshore %
[Global]
10X Money Market Fund0%0%0%0%0%100%0%100%0%
10X Income Fund0%0%37.5%25.5%9.6%27.3%0%87.9%12.0%
10X SA Govt Bond Index Fund0%0%100%0%0%0%0%100%0%
10X SA ILB Index Fund0%0%0%100%0%0%0%100%0%
10X Defensive Fund19.3%17.6%17.7%18.5%10.9%13.0%2.9%68.9%31.1%
10X Moderate Fund31.6%23.1%13.4%10.3%10.6%7.5%3.4%63.6%36.4%
10X Your Future Fund36.0%27.4%8.3%7.9%10.8%5.8%3.9%60.4%39.6%
10X SA Equity Fund100%0%0%0%0%0%0%100%0%
10X SA Property Index Fund0%0%0%0%0%0%100%100%0%
10X MSCI World Index Feeder0%100%0%0%0%0%0%0%100%
* Key Tax Realization Principle: Exposure percentages indicate structural portfolio assets, not immediate annual tax realization. Equities generate predominantly capital growth which is completely tax-deferred until units are redeemed, whereas fixed interest instruments generate taxable interest distributions on your annual SARS IT3(b) certificate.
Tax Math Explainer

Why Equities Show 2 Tax Rates & How the Math Works

When you invest in equities (local or global shares), your investment return comes from two distinct financial components taxed under completely separate sections of the South African Income Tax Act:

1. Cash Dividends (Flat 20% DWT) Section 64EA

Company profits distributed as cash. SARS levies a flat 20% Dividends Withholding Tax (DWT), which is deducted automatically at source before the cash reaches the fund.

Where the numbers come from (e.g. 2.50% historical JSE market average dividend yield; typically 2.0% – 3.0%):
Gross Dividend Payout: 2.50%
Tax Deducted = 2.50% × 20% = 0.50% (Paid at source)
Net Dividend Kept = 2.50% − 0.50% = 2.00%
* Flat 20% by law for everyone regardless of whether you earn R200k or R2m/year.
2. Capital Growth (16.4% Effective CGT) Eighth Schedule

Share price growth (NAV appreciation). SARS applies a 40% inclusion rate for individuals, meaning only 40% of the gain is subject to your marginal income tax rate.

Where the 16.4% CGT rate comes from:
Effective CGT = 40% × 41% marginal bracket = 16.4%
Annual Tax Paid While Compounding = R0.00 (Tax-Deferred!)
* Plus: In the year you sell, the first R40,000 of capital gain is 100% tax-free.
Putting It Together: A Typical 10.0% Annual Equity Return

If an equity fund like 10X SA Equity or 10X MSCI World generates a total gross return of 10.0% in a given year, here is how the return and tax are split:

Part 1: Cash Dividends
2.50% dividend payout
−0.50% tax (20% DWT)
Net: +2.00%
Part 2: Capital Appreciation
7.50% share price growth
−R0.00 tax this year
Full +7.50% compounds
Net Received That Year
2.00% + 7.50%
= 9.50% Net
Total annual drag is only 0.50%!
Why this creates massive long-term wealth vs Fixed Deposits or Bonds:
In a fixed deposit or bond fund paying 9.00% gross interest, 100% of that interest is taxed immediately at your full marginal rate (41%), stripping away ~3.69% in tax every single year. In equities, because ~75% of your return is deferred capital growth (which is never taxed until you redeem) and the remaining ~25% is taxed at only 20%, your money compounds largely unimpeded year after year.