Debtfree Issue 202402 - DB
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SA BUDGET 2024<br />
HOW YOUR PERSONAL TAX<br />
IS GOING TO BE AFFECTED<br />
Money is tight and the Government are looking to limit spending<br />
and increase income. Other than the usual increases to sins tax<br />
Government decided to avoid introducing many new taxes or messing<br />
with VAT. There was one slightly different choice in regard to personal<br />
tax this year that may hit your pocket.<br />
In an effort to bring in an additional R15 billion more than usual,<br />
Finance Minister Enoch Godongwana outlined “new” tax brackets for<br />
personal income taxpayers in his annual Budget speech.<br />
Now, usually, there is a small annual increase in these tax brackets to<br />
allow for inflation. So, the tax brackets normally creep up a little bit<br />
each year. This normally means that people stay in the same bracket<br />
even if they earn slightly more due to increases in salary.<br />
The big change this year is that this is not going to happen.<br />
What this will mean is that if employers offered staff increases to try<br />
offset inflation, then some workers will migrate from one tax bracket<br />
into a higher bracket and have to pay a little more tax.<br />
The tax-free threshold for taxpayers under 65 years will remain at R95<br />
750 per year.<br />
You can check the chart to the left to see what those different tax<br />
brackets are and what the tax in each bracket is.