Budget 2.0: A Mixed Bag, With Good News for Property
“Good in parts” (Like the curate’s egg) Transfer duty threshold increased by 10% You pay no transfer duty if the property you are buying sells for less than the set threshold. The threshold wasn’t increased last year, so this year’s proposed 10% increase from R1,100,000 to R1,210,000 (from 1 April) is a welcome adjustment for […]
Budget 2024: Your Tax Tables and Tax Calculator
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find out. The unchanged transfer duty and tax tables, with a note on fiscal drag Unchanged from last year, so taxpayers can breathe a sigh of relief that rates have not been increased as many forecasters […]
Budget 2023: Your Tax Tables and Tax Calculator
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find out. Have a look at the tax tables below for the new tax rates and comparisons with last year’s rates – View Source Here
Budget 2023: The Minister of Finance Wants to Hear from You!
“Finally, we pay tribute to the millions of South Africans, whose resilience and courage during these times of pandemic and economic hardship, is an inspiration to all of us who have the privilege to serve in the public sector.” (From the 2022 Budget Speech) Finance Minister Enoch Godongwana has invited the public to share suggestions […]
New Year, New Business – How to Pick the Right Legal Entity for It
“Owning one’s own business is an adventure – enjoy it every step of the way.” (From the SME Toolkit article referenced below) First, three questions to ask yourself… If you dream of going into business for your own account in 2023, ask yourself these questions before you get started – …and four business vehicles to choose from […]
“Double Jeopardy” for Tax Evasion – Penalties plus Prosecution
“Administrative penalties and criminal proceedings do not serve the same purpose. The [one] is aimed at strengthening internal controls of the administrative authority and to promote compliance while the other is aimed at correcting a behaviour that caused harm to the society.” (Extract from judgment below) SARS has announced major crackdowns on tax defaulters, and […]
Selling Property this Festive Season: The Tax Angle
December and January have always been prime months for selling residential property in South Africa, and if you are a “Festive Season Seller”, here are two really important tips for you. How does CGT on a property sale work? This is a complex topic, so what follows is of necessity a summary of general principles […]
Tax Freedom Day 2022: The Day We Stopped Working for Government
“Taxpayer: One who doesn’t have to pass a civil service exam to work for the government” (Anonymous) “Tax Freedom Day” is the first day of the year on which we South Africans (we’re talking about the “average” taxpayer here) have finally earned enough to pay off SARS and to start working for ourselves. This year […]