Minister of Finance Chris Liebenberg presented a budget this year which will lead to profound changes in how individuals will have to plan their personal financial future.
Two key areas affected by the budget are retirement planning and estate (death duty) planning. As a result of the Katz Commission of Inquiry taxation in South Africa is under going a major revision. What happened in the budget is only the start.
Commission chairman Michael Katz has presented three interim reports and has yet to complete the final report.
Individuals will have to adapt to taxation being paid from previously under-taxed or untaxed areas while in other areas they could pay less tax. Indications are that you will have to exercise a lot more self discipline in saving and investing.
At Tuesday's meeting of the Saturday Argus/Seeff Trust Investors club, Professor Keith Huxham, head of taxation at the University of Cape Town will explain the ins and outs of the budget and how it will affect you.
Huxham, who is also a geologist, is the author of a number of reference guides on tax including Notes on South African Income Tax, Hedron Guide to Vat and the Hedron Tax Journal.
The meeting will be held at the Mount Nelson Hotel on March 26 at 5,30 pm for 6 pm.
Members and non-members should book. For bookings telephone Cristina Gottardo at 021 419 0920.
Membership of the Weekend Argus/Seeff Trust Investors Club is open to all readers of the Saturday Argus. Readers who sign up as members receive:
* Discounts on selected unit trusts;
* Preferential bookings for club meetings;
* Free admission to meetings.
Membership of the club costs an initial R114 (VAT inclusive) and R100 a year in subsequent years (VAT inclusive.).
Non-members who are interested in attending the monthly club meeting will be charged R40.