Budget 2024 what you need to know and its impact


Should you be adapting your plans after the Budget 2024?


As the financial landscape evolves with the introduction of the 2024 Budget, it's crucial for individuals and businesses to understand and adapt to the changes and opportunities it presents. This year, while the government has maintained stability in value-added tax (VAT), personal income, and corporate tax rates, the introduction of reforms, particularly in retirement planning, is in the spotlight. 


The largely unchanged tax rates offer a semblance of continuity


In an otherwise changing financial environment, for businesses, tax planning stability is key to strategic planning and forecasting, providing a predictable framework for financial operations in the coming year. Individuals can also breathe a sigh of relief, knowing that their personal tax obligations remain consistent, allowing for more accurate personal financial planning.


The Budget isn't without its innovations


Beyond the realm of retirement planning, there are subtle shifts and adjustments aimed at improving the economic landscape. These include incentives for sustainable practices and investments in renewable energy, and clarifications in anti-avoidance rules for trusts. Each of these changes requires careful consideration and planning to fully leverage the benefits or mitigate potential impacts.


Nedbank Private Wealth is ready to help you with the changes you may need to plan for. Our comprehensive Budget update resources, including webinars and podcasts, are designed to break down the Budget's complexities. These resources are invaluable for clients looking to understand the implications of the Budget on their personal and business finances.


William Khwela, Senior Tax Specialist, and Sorubi Soobben, Advice Specialist in our Fiduciary Team have developed an interactive Budget Update that provides you with what you need to understand about changes, and what to be aware of.


Our specialist advisory services go a step further, offering personalised advice tailored to the unique financial situations of our clients.


Whether it's navigating new tax laws or optimising financial plans considering the Budget changes, our experts are equipped to provide the guidance needed. This bespoke approach ensures that our clients are not only prepared, but also positioned to take advantage of the opportunities these changes may present.


Budget Speech 2024: What you need to know

The 2024 budget speech was expected to include spending cuts, proposals for fiscal income generation and measures to close the tax gap.


Planning for the new tax year is crucial


We encourage you to engage with our advisory team, who can provide globally integrated wealth management advice. This proactive approach ensures that personal and business finances are aligned with the new tax regime, maximising potential benefits while minimising any adverse effects.


Budget Speech 2024: Unpacking the gritty details


Denver Keswell, Senior Legal Advisor at Nedgroup Investments, shares his insights and commentary on the 2024 Budget Speech delivered by South African Finance minister, Enoch Godongwana, on Wednesday, 21 February 2024. Listen now for more insights.

Listen to the Podcast here


Getting started with Nedbank Private Wealth is straightforward


By engaging with our advisory team, clients can initiate a review of their current financial strategies, ensuring that they are well-prepared for the challenges and opportunities of the new financial year. This engagement is the first step towards a comprehensive plan that considers the full spectrum of Budget changes and their implications.


In conclusion, the 2024 Budget presents both challenges and opportunities


With the unchanged tax rates providing a stable base, the focus shifts to understanding and planning for the specific changes introduced. Nedbank Private Wealth's globally integrated advice and specialist services offer the expertise and support clients need to navigate these changes successfully. As we step into the new financial year, our commitment to guiding our clients through these transitions remains unwavering. By staying informed and proactive, individuals and businesses can ensure that they are well-prepared to face the upcoming financial year with confidence and clarity.


Want to know more? Here’s what to do


  • Contact your wealth manager.

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