Yesterday’s budget speech really was the most anticipated since 1994. Thanks to Zuma and his misuse of power, along with all the other drastically changing economic climates in our country, the value of the rand has sunk to its lowest. Finance Minister Pravin Gordhan, however, did well to rectify the situation with all the room he had, without suffocating what little economic freedom we had left as individuals.
Although there were considerable tax increases, they were mainly aimed at the wealthy and the sinful – capital gains tax and transfer duties on the sale of properties above R10m. Low- and middle-income earners received zero increases in the personal income tax rate.
In fact, tax brackets for these earners were also adjusted upwards to compensate for the impact of inflation. Here’s the effect that that will have on tax payers in both personal and income tax:
Now it’s that time of the year again when people are expected to get their ducks in a row and get in some sort of tax submission. More than ever, it is imperative that you get this right and who better to ask than Galbraith Rushby who, of course, along with their 25-strong team are a perfect candidate for handling large-scale clients without losing their personal touch.
Be a client and not a number, and be sure that you’ve got all your ducks in a row before SARS comes knocking.
[source: fin24]
