23 February 2023
While no major tax proposals were announced, these themes are as relevant to our country’s budget as they are to our own personal household budgets. As South Africans, we too need to ‘act boldly’ to get from where we are now, to where we want to be in the future. This means making difficult trade-offs in the short term to enable a more secure financial future. A strong focus should be placed on paying off debt, with careful consideration given before taking on further debt.
If you don’t know where to start, a professional financial adviser can offer practical solutions and create a financial plan to move from your current financial state to a better one.
The government will publish a revised legislation draft of legislation on the ‘two-pot’ retirement system. In a bid to encourage the preservation of retirement savings, this will include withdrawals from the ‘savings pot’ being taxed as income in the year of withdrawal.