{"id":517,"date":"2014-03-02T03:00:00","date_gmt":"2014-03-02T01:00:00","guid":{"rendered":"http:\/\/richideas.co.za\/budget2014-the-skinny\/"},"modified":"2017-09-21T12:35:09","modified_gmt":"2017-09-21T10:35:09","slug":"budget2014-the-skinny","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/budget2014-the-skinny\/","title":{"rendered":"#BUDGET2014 \u2013 THE SKINNY"},"content":{"rendered":"<div style=\"text-align: justify;\">Last week Pravin Gordhan, Finance Minister to President Jacob Zuma, delivered his final budget speech for the current administration. \u00a0Financial gurus, economists, financial planners and all those money-astute, sat rapt and listened with educated ears to the updated blueprints for South Africa\u2019s future.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This blog is not written with them in mind, but rather for those who know that there are some changes and simply wish to know what the bottom line is. \u00a0If you are a taxpayer, here\u2019s the skinny on what to expect.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><b>TAX BRACKETS<\/b><\/div>\n<div style=\"text-align: justify;\">The biggest question; \u201cWill I be paying more personal tax?\u201d. \u00a0The quick answer is \u2018No\u2019.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Those earning under R250k per annum will be giving a slight relief and the tax threshold, as per tradition, has been increased, you will now only be taxed if you earn in excess of R5 891 per month (R70 700 per annum). \u00a0If you earned R20 830 every month in 2013, you would\u2019ve paid R3 235 in monthly tax, in 2014 you will only pay R3 130 every month.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><b>RETIREMENT LUMP SUM WITHDRAWALS<\/b><\/div>\n<div style=\"text-align: justify;\">If you\u2019re nearing an age where you\u2019d like to consider cashing in on all of your retirement savings, then you\u2019ll be pleased to know that there has been a significant increase in the non-taxable amount that you can now withdraw. In 2013, only R315k was tax free, this has been pushed up to a sizeable R500k \u2013 that\u2019s an increase of around 60%!<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">It certainly makes retirement investments seem considerably more attractive.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><b>SIN TAX AND FUEL LEVIES<\/b><\/div>\n<div style=\"text-align: justify;\">The general fuel levy and the road and accident fund, despite the recent e-tolling, will be increasing by 20c per litre of fuel bought.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">For drinks and smokes, you\u2019ll be forking out a little more too:<\/div>\n<div style=\"text-align: justify;\">\u00a0 &#8211; 9c more per 340ml beer or cider<\/div>\n<div style=\"text-align: justify;\">\u00a0 &#8211; 27c more per 750ml bottle of wine<\/div>\n<div style=\"text-align: justify;\">\u00a0 &#8211; 68c more per pack of cigarettes<\/div>\n<div style=\"text-align: justify;\">\u00a0 &#8211; R4.80 more per bottle of whiskey<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">That\u2019s the skinny on the budget speech for 2014. \u00a0If you have any questions, or would like to have a more in depth explanation of how the full budget speech might affect your financial planning \u2013 feel free to send me an email!<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Last week Pravin Gordhan, Finance Minister to President Jacob Zuma, delivered his final budget speech for the current administration. \u00a0Financial gurus, economists, financial planners and all those money-astute, sat rapt and listened with educated ears to the updated blueprints for South Africa\u2019s future. This blog is not written with them in mind, but rather for those who know that there are some changes and simply wish to know what the bottom line is. \u00a0If you are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":783,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,23],"tags":[],"class_list":["post-517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning","category-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>#BUDGET2014 \u2013 THE SKINNY - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/budget2014-the-skinny\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"#BUDGET2014 \u2013 THE SKINNY - Contatto North\" \/>\n<meta property=\"og:description\" content=\"Last week Pravin Gordhan, Finance Minister to President Jacob Zuma, delivered his final budget speech for the current administration. \u00a0Financial gurus, economists, financial planners and all those money-astute, sat rapt and listened with educated ears to the updated blueprints for South Africa\u2019s future. 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