RA vs TFSA: What Is the Advantage of a Tax-Free Savings Account?
In his Budget Speech, the Minister of Finance announced an increase in the annual tax-free savings account (TFSA) contribution limit from R36,000 to R46,000 – the most significant boost to this allowance in years, and a timely reminder of just how powerful this vehicle can be. When used properly, it can deliver completely tax-free returns […]
BUDGET 2018: IT’S A NUMBERS GAME
South Africa’s budget paints a very interesting picture when one drills down into the numbers involved. The annual national budget presented in Parliament on 21 February 2018 by Finance Minister Malusi Gigaba presented South Africa’s biggest budget yet, providing for budgeted consolidated Government expenditure over the 2018/2019 fiscal year in the amount of R1,657,200,000,000! Of […]
VAT INCREASE FROM 14% TO 15%
The Minister of Finance announced in his recent Budget Speech that the VAT rate would be increased from 14% to 15% with effect from 1 April 2018. Several important issues need to be considered to ensure a seamless transition. Generally, supplies of goods or services are deemed to be take place at the earlier of […]