Budget In A Nutshell

And still we don't know how much we will need to contribute to the NHI - I guess they tell us after the local elections.
 
Kosmik said:
SAY WHAT! :wtf: Someone explain, are they now going to tax pension contributions?
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Most people working for companies are on a "total package " type scheme nowadays . They split pension contribution into employee and employer contributions at the moment. With a bit of creative package restructuring most people should be able to get around the tax change. I think current limitation is 7.5% and new law says individuals can go to 22.5%

It would be interesting to see if employers can still force employees to be a part of their in-house pensions schemes after this comes into effect. I have yet to come across one that gives any kind of decent return

[I'm no tax expert and I don't contribute to a pension scheme so all of the above may be absolute horse*****]
 
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Social safety nets get more money

Cape Town - Finance Minister Pravin Gordhan has allocated R147bn – R15bn more than last year - to social protection, saying that it is a practical expression of a caring society.

About 70% of this budget vote is on transfers to households in the form of social grants.

There are now almost 15 million people receiving social grants in South Africa – which is more than a quarter of the population and over six times the number of grant beneficiaries in 1998. Social assistance will contribute R97.6bn to household income in 2011/12.

Gordhan told MPs: “This practical expression of a caring society amounts to R147bn in 2011/12, rising to R172bn in 2013/14.

"Income support to poor households has been extended over the past decade, mainly through the phased extension of the child support grant to older children.”

http://www.fin24.com/Budget/Budget-2011/Social-safety-nets-get-more-money-20110223
 
McSack said:
Most people working for companies are on a "total package " type scheme nowadays . They split pension contribution into employee and employer contributions at the moment. With a bit of creative package restructuring most people should be able to get around the tax change. I think current limitation is 7.5% and new law says individuals can go to 22.5%

It would be interesting to see if employers can still force employees to be a part of their in-house pensions schemes after this comes into effect. I have yet to come across one that gives any kind of decent return
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I am guessing they are hoping for all the people that do their own tax returns to miss claiming for this one?
 
McSack said:
Most people working for companies are on a "total package " type scheme nowadays . They split pension contribution into employee and employer contributions at the moment. With a bit of creative package restructuring most people should be able to get around the tax change. I think current limitation is 7.5% and new law says individuals can go to 22.5%
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I misunderstood that.
I thought it meant that you can only deduct 22.5% of your pension contribution and not 22.5% of total taxable income.
 
Paul_S said:
That is just nuts! So basically we are being discouraged to invest in retirement funds.
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Actually, we're being encouraged to go out and invest in our own retirement funds, instead of allowing our employers to decide which retirement fund we will belong to.
 
jak3 said:
Cape Town - Finance Minister Pravin Gordhan has allocated R147bn – R15bn more than last year - to social protection, saying that it is a practical expression of a caring society.

About 70% of this budget vote is on transfers to households in the form of social grants.

There are now almost 15 million people receiving social grants in South Africa – which is more than a quarter of the population and over six times the number of grant beneficiaries in 1998. Social assistance will contribute R97.6bn to household income in 2011/12.

Gordhan told MPs: “This practical expression of a caring society amounts to R147bn in 2011/12, rising to R172bn in 2013/14.

"Income support to poor households has been extended over the past decade, mainly through the phased extension of the child support grant to older children.”

http://www.fin24.com/Budget/Budget-2011/Social-safety-nets-get-more-money-20110223
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In other words, placate the poor with social grants so that they do not get 'restless' and think about revolting ;)

Wrong approach! Spend more money on job creation!
 
blunomore said:
In other words, placate the poor with social grants so that they do not get 'restless' and think about revolting ;)

Wrong approach! Spend more money on job creation!
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I'm very stupid with this. But why create more jobs in the government when taxes pay government salaries?
 
blunomore said:
In other words, placate the poor with social grants so that they do not get 'restless' and think about revolting ;)

Wrong approach! Spend more money on job creation!
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We are a progressive welfare state. None of this exploitative corporate crap here dammit
 
Did someone watch super 15 the weekend?
That new stadium in Durbs looks pretty from ABSA park.
And there were people thinking we will not get screwed too pay for it for years too come.
 
Alan said:
We are a progressive welfare state. None of this exploitative corporate crap here dammit
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:D

To fund such layabouts like these

She worked for a recruitment company soon after leaving school. But when the company collapsed a year later, Kaycie struggled to settle into another career.

'I've tried working in shops but I walked out of four or five jobs because I had to get up too early or I got bored,' says Kaycie - not evoking much sympathy.

'I want a job, but part time would be better so I can keep my benefits,' she continues.
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