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Tax Pocket Guide 2012
- Thread starter ShaunSA
- Start date
these ones on PKF are much nicer. and you can at least read them as well.
http://www.pkf.co.za/south-africa/publications/sa-tax/tax-guides/
http://www.pkf.co.za/south-africa/publications/sa-tax/tax-guides/
They don't have the 2012 guide yet though
The amount that I will have to spend on annual tax this year went up a lot.
1) If you earn anything over 10k per month your tax benefit is less than inflation, so you don't get the full benefit of bracket creep adjustment.
2) 28c increase in fuel levies, coupled with an under-recovery of another 20c. Look forward to a 50c/L hike in 2 weeks.
3) CGT goes up from 25% to 33.3%, so if you try to provide for your old day with some additional flats you will get nailed more when you sell them. Same goes for selling shares or any assets which you built up over the years. See below for shares.
4) Dividend tax use to be paid by companies at 10%, now its paid by you, but its been increased to 15%. It's not just the high class that own shares and get dividends. Money wise middle class members will also invest in shares. I hate it when they assume that if you have shares you are rich, so you deserve to be nailed.
5) e-toll starts 30 April 2012, with 30c/km charges which will add about 50% to my travelling costs per km.
Gordhan sure as hell didn't do me any favours, and anybody that thinks that this budget contains any tax relief for the middle class need to have their minds checked.
1) If you earn anything over 10k per month your tax benefit is less than inflation, so you don't get the full benefit of bracket creep adjustment.
2) 28c increase in fuel levies, coupled with an under-recovery of another 20c. Look forward to a 50c/L hike in 2 weeks.
3) CGT goes up from 25% to 33.3%, so if you try to provide for your old day with some additional flats you will get nailed more when you sell them. Same goes for selling shares or any assets which you built up over the years. See below for shares.
4) Dividend tax use to be paid by companies at 10%, now its paid by you, but its been increased to 15%. It's not just the high class that own shares and get dividends. Money wise middle class members will also invest in shares. I hate it when they assume that if you have shares you are rich, so you deserve to be nailed.
5) e-toll starts 30 April 2012, with 30c/km charges which will add about 50% to my travelling costs per km.
Gordhan sure as hell didn't do me any favours, and anybody that thinks that this budget contains any tax relief for the middle class need to have their minds checked.
they do now.
Maelly
Expert Member
Medical Tax Credit
Can someone please explain the new Medical Tax Credit? I'm on Discovery, 2nd Option from the Top. Currently the Company pays 100% for me and 50/50 for my wife. (Our HR Manual is being reviewed and we are gonna get 100% for Member and up to 3 dependents as of March or April).
As at the current status quo, what should I expect for my March pay slip in terms of tax?
Can someone please explain the new Medical Tax Credit? I'm on Discovery, 2nd Option from the Top. Currently the Company pays 100% for me and 50/50 for my wife. (Our HR Manual is being reviewed and we are gonna get 100% for Member and up to 3 dependents as of March or April).
As at the current status quo, what should I expect for my March pay slip in terms of tax?