n Professional Accountant - Balanced budget but watch out for company : budget review

Volume 2012 Number 1
  • ISSN : 1680-7537


Minister of Finance Pravin Gordhan delivered a balanced budget speech in which individual tax rates remain unchanged but tax brackets have been increased. Good news for individual taxpayers was personal income tax relief totalling R8.1- billion, a third income tax rebate of R2000 for individuals older than 75 years, and an increase in the monthly limits for Medical Aid deductions from R670 to R720 for principal members and first dependants and from R410 to R440 for each additional dependant.

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