Savings and the Budget

Savings – comment from Deloitte   Interest income is not taxed up to a certain threshold. As from 1 March 2011, government will increase the tax-free interest income annual threshold from R22 300 to R22 800 for individuals below 65 years, and from R32 000 to R33 000 for individuals 65 years and over. The […]

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Electricity levy

Electricity levy – comment from Deloitte       Government proposes to increase the levy applied to electricity generated from non-renewable and nuclear energy sources by 0.5c/kWh to 2.5c/kWh from 1 April 2011. Some of this revenue will be set aside to fund the rehabilitation of roads damaged as a result of the haulage of […]

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Transfer Duty

Transfer duty – comment from Deloitte   Government proposes to increase the transfer duty exemption threshold from R500 000 to R600 000. A rate of 3% will be applicable to the value from R600 001 to R1 000 000; an amount of R12 000 plus 5% to the value between R1.0 and R1.5 million; and […]

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Dividends tax

Dividends tax commentary from Deloitte   The dividends tax will come into effect on 1 April 2012, replacing the secondary tax on companies. The introduction of the tax should correct the impression that a tax on dividends is another tax on businesses. Legally and economically, it will be a tax on individuals and non-resident shareholders. […]

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National Budget Speech should deliver balance, simplicity, less corruption and a broader tax base

“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.” Cicero, an orator, statesman, political theorist, […]

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Expectations widen between advisers and institutional investors

Results from the South African Investor Confidence Index – a monthly survey conducted by the Institute of Behavioural Finance (IBF) among institutional investors and financial advisors Institutional investors and financial planners greatly differ in their opinions of the current market valuation and expected equity returns over the next 12 months, according to the latest South […]

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Budgeting on jobs

As South Africans prepare for local government elections later this year, the Deloitte KwaZulu-Natal tax experts believe Finance Minister Pravin Gordhan would focus the 2011 national budget on job creation and employment incentives rather than raising tax rates. This was particularly relevant when many municipalities were not operating efficiently and required funding for employment. Gordhan […]

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Time to declare your foreign assets

Taxpayers should take full advantage of the new Voluntary Disclosure Programme, particularly those with undisclosed assets held off-shore, ahead of the application deadline at end October this year. This was a key message from Yasmeen Suliman director of KPMG tax, at a breakfast presentation attended by representatives from businesses across KZN. She notes that there […]

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Time to plan for potential spread of unrest in Middle East

While many international businesses with interests in Egypt have just gone through the experience of securing or evacuating their staff from the country, Aon Risk Solutions, the global risk management business of Aon Corporation, is advising companies to begin planning now for the effects of any potential spread of unrest in the region. Throughout the […]

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Don’t miss tax breaks

Hard-working salary- and commission-earners run a high risk of missing out on tax breaks at the end of the tax year, according to Imara Asset Management, South Africa, a wealth adviser to numerous corporate executives. “The harder you work the softer you’re likely to be when it comes to tax planning,” says Lara Warburton, MD […]

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