Annual Budget and Tax Update

Overview

Minister Godongwana delivered his maiden Annual Budget Speech on 21 February 2024. The Annual Budget Speech was one of the most anticipated events on the financial calendar. The Minister faced challenges such as electricity and infrastructure constraints, a sluggish economy, and an election year. While some sectors like tourism nearly returned to pre-COVID levels, issues such as a stagnant economy, lack of investor confidence, high unemployment, and a shrinking tax base persisted, making it difficult to balance the budget.

There was much speculation about the fiscal and tax policy changes the Minister might propose to stimulate the economy and assist those living below the poverty line. These announcements significantly impacted financial and business decisions due to their effect on taxpayers' profits and take-home pay.

The 2024 Annual Budget and Tax Update unpacked the tax proposals announced in the Budget Speech. Diane Seccombe explained the proposals in a practical manner, helping attendees understand their impact on business and personal finances.

Content

• Tax issues raised in the 2024 Budget Speech
• Cessation of residence and changes to retirement fund and tax-free investment contributions
• Retirement Fund transfers for members over 55
• Taxation of non-resident SA trust beneficiaries and negative tax implications
• Deduction of expenses against interest income and repeal of Practice Note 31
• Loans to offshore trusts in a foreign currency
• Allowance and recoupment for expenses incurred on plant and machinery used in renewable energy production
• Asset-for-shares swaps and cost of assets acquired
• VAT and residential property developers
• Tax administration amendments
• Recent selected court judgments and new SARS rulings and interpretations

Competencies Developed in this Workshop

After attending this discussion forum webinar, you were:

• Informed about the best solutions to resolve current taxpayer issues.
• Competent to efficiently and proactively resolve current issues experienced in your practice.
• Able to guide your staff to effectively assist/support clients with their systemic tax issues.
• Informed about available resources to resolve taxpayer issues.

Dates and Venues

• Johannesburg: 12 March 2024 - 09:00 - 13:00
  • The Capital Melrose Arch, Atholl Oaklands road, cnr, Kernick Ave, Melrose North, Johannesburg
• Pretoria: 13 March 2024 - 09:00 - 13:00 
  • The Capital Menlyn Maine, 194 Bancor Ave, Menlyn, Pretoria
• Durban: 14 March 2024 - 09:00 - 13:00
  • Umhlanga Coastlands, 329 Umhlanga Rocks Drive, Umhlanga Rocks
• Somerset West: 15 March 2024 - 09:00 - 13:00 (fully booked)
  • Hoogeind Manor, 88 Mondeor Rd, Helderberg Rural, Cape Town

Dedicated webinar presented over 2 dates:

• 19 March 2024: Part 1 (Live) - 09:00 - 11:00
• 20 March 2024: Part 2 (Live) - 09:00 - 11:00

Presenter

Diane Seccombe

BCom, LLB, LLM (Taxation)

Diane Seccombe is an admitted attorney with a master’s degree in taxation and has been involved in tax for well over ten years. Currently the National Head of Taxation with the Mazars Academy, Di provides tax training to Mazars partners, staff, and clients. She also consults on income tax matters including, corporate, individual, and international tax as well as VAT.

Di presents tax seminars on a national basis for, amongst others, Sanlam, ABSA, Old Mutual and various professional institutes. She started her tax career as a full-time academic with the University of KwaZulu-Natal before moving into practice. She has presented numerous tax seminars with enormous success to attendees ranging from JSE corporate advisers to smaller tax practitioners and is a popular lecturer amongst her students. Di’s primary focus in any presentation is that attendees find the material relevant and presented in an understandable and accessible manner.

CPD

Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 4 hours of Tax CPD.

Event investment 

Face-to-face workshop: Time: 09:00 - 13:00

• Tax Faculty CPD Subscribers: R475.00
• Regular price: R1 280.00
• RCB member price: R1 060.00
• SAIT member special discounted rate: R865.00
• Printed notes: R100.00
• Electronic notes: Free 

Dedicated webinar presented over 2 dates - 19 March 2024 (part 1) and 20 March 2024 (part 2): Time: 09:00 - 11:00

100% discount for all 2024 Tax Faculty CPD subscribers. Not a CPD subscriber yet? Click here to register now.

• Tax Faculty CPD Subscribers: Free
• Regular price: R595.00 (part 1 and 2)
• SAIT member special discounted rate: R475.00 (part 1 and 2)
• Group booking discounts available when you register for a group.

Payments and cancellations

• All payments must be made by EFT or by credit card, at least three working days before commencement of an event.
• Kindly note that should payment not be received two days after the event, legal action will be taken.
• Proof of payment will be requested upon registration if payment does not reflect on The Tax Faculty’s bank account.
• Only written notice of cancellation will be recognised.
• Conditions:
  • If the cancellation occurs more than four working days prior to the event, no cancellation fee will be charged.
  • If the cancellation occurs less than four working days prior to the event a 100% cancellation fee will apply.
• Delegates who book and fail to attend will be liable for the full event fee.
• The Tax Faculty’s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
• Please click here for the full terms and conditions.