This year's budget is presented against the backdrop of South Africa still trying to recover from two years of a pandemic, record high unemployment and ongoing loadshedding of electricity. Below is a visual summary of the budget speech and how it affect you.
What can you do with this information?
Review - although personal income tax has been adjusted to provide relief there has also been increases in things like sugar, sin and plastic bag tax, therefore your budget can be adjusted to allow for these higher taxes.
Eliminate - any unnecessary spending or cut down drastically where you can.
Investigate - how to optimise your investments, if you haven't started saving and investing yet, it's always a good time to start now or as soon as possible.
Maximise - your tax savings by boosting your retirement plan with a good retirement annuity.
Consult - your financial adviser to get the most out of your income and personal budget.
Contact your financial adviser or email us for assistance.