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.

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

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Disclaimer

Nedgroup Private Wealth (Pty) Ltd and its subsidiaries (Nedbank Private Wealth) issued this communication. Nedgroup Private Wealth is a subsidiary of Nedbank Group Limited, the holding company of Nedbank Limited. ‘Subsidiary’ and ‘holding company’ have the same meanings as in the Companies Act, 71 of 2008, and include foreign entities registered in terms of the act.
 

There is an inherent risk in investing in any financial product. The information in this communication, including opinions, calculations, projections, monetary values and interest rates, are guidelines or estimations and for illustration purposes only. Nedbank Private Wealth is not offering or inviting anyone to conclude transactions and has no obligation to update the information in this communication.

While every effort has been made to ensure the accuracy of the information, Nedbank Private Wealth and its employees, directors and agents accept no liability, whether direct, indirect or consequential, arising from any reliance on this information or from any action taken or transaction concluded as a result. Subsequent transactions are subject to the relevant terms and conditions, and all risks, including tax risk, lie with you.
 

Nedbank Private Wealth recommends that, before concluding transactions, you obtain tax, accounting, financial and legal advice.