Recently retrenched? You might have been overtaxed. Retrenchments over the past 12 to 18 months are specifically at risk of having been incorrectly treated for tax purposes, particularly so-called “voluntary retrenchments”.
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) met on 26 - 28 March 2018 to deliberate an interest rate stance that anchors inflation to the middle of the 3 - 6% target rate.
Your business is as good as your people. You know this. But the average South African worker only stays at a company for 47 months, and as many as 55% of employees say they’d reject a counter-offer from their current employers to retain them.
When looking at the changes to personal income tax in isolation (i.e. ignoring the increase in the VAT rate and the usual increases in “sin taxes”), the budget speech was probably as good as could have been expected.