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The South African National Budget 2016

How it impacts your spending and saving.

Now that the 2016 National Budget Speech is in, Sanlam can help you break down what it means for each and every South African: your daily spending, income tax and investments. Because helping you make every rand work as hard for you as you did for it, is what makes us Wealthsmiths™. You can also read our expert analysis and view visual highlights.

Use our 2016 Tax Calculator to see exactly how your earnings are affected by the changes.

Tax Calculator

Work out what the 2016 Budget means for your income tax.

Tax-efficient Savings

Get useful tips on how to save money efficiently.

Highlights

A snapshot of some of the 2016 Budget Speech highlights.

Commentary

View all the 2016 Budget commentary from our expert Wealthsmiths™.

Income Tax Calculator 2016

Use our 2016 Tax Calculator to work out what your tax payable will be over the next fiscal year.

Tips for Tax-efficient Savings

Find out about the most tax-efficient ways to invest in order to make the most of your money.

  1. Make use of an RA to maximise your retirement savings. From 1 March, contributions to all retirement funds - up to 27,5% of your taxable income - will qualify for immediate tax deduction (up to R350 000 p.a.). Returns on all savings accumulated in this way are tax-free.
  2. Do not withdraw from your retirement fund. You pay more tax on withdrawing your retirement money than you do at retirement.
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  1. Contribute up to R30 000 p.a. in a tax-free savings account and you will pay no tax on your investment returns.
  2. Try to keep your investment in a tax-free savings account for as long as possible. The tax-free benefit is only experienced over time as your investment grows with compound interest.
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  1. Speak to a financial planner to look at the implications estate duty has on your family, should something happen to you. A proper estate plan can help you manage this.
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Contact an adviser today

Highlights

Post-budget Commentary

All about Debt Stabilisation and a Social Contract

By Arthur Kamp, 25 February 2016

How the 2016 Budget Impacts Consumers

By Karin Muller, 25 February 2016

Business Owners Should Heed Changes in Income Tax Laws

By Kobus Engelbrecht, 25 February 2016

How the 2016 Budget Impacts Retirement Funds

By David Gluckman, 25 February 2016

Law Service discusses the aspects that impact financial planners

By Sanlam Life Law Services, 25 February 2016

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