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PRIMORIAL Solutions (Pty) Ltd March 2024
Budget 2024: How It Affects You and Your Business

There were few surprises and little in the form of good news in Budget Speech 2024. Although there were no major tax proposals and no major tax rate hikes announced, individual taxpayers will bear the brunt of a R15 billion Budget shortfall, while multinational corporations will pay a global minimum corporate tax, and plans are afoot to tap into the SARB-administered contingency reserve account. 

Here is a brief overview of the most pertinent announcements for individuals and businesses that underscore the need for professional tax advice in the year ahead.

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Budget 2024: Your Tax Tables and Tax Calculator  
Things to Look for When Buying a Small Business  
The Five Skills Your Business Needs to Cultivate in 2024  

Budget 2024 effectively brought an increase in personal income tax by not adjusting the tables for tax rates, rebates and medical tax credits, while also implementing substantial increases in ‘sin’ taxes and introducing a proposed global tax on multinational companies. 

This selection of official SARS Tax Tables and other useful resources will help clarify your tax position for the new tax year. Then follow the link to Fin 24’s Budget Calculator (just follow the four-step process) to perform your own calculation. 


On the surface buying into a small business can seem easy. There aren’t a lot of laws to negotiate, and payment can often be done in a single cash-based transaction. However, there are a lot of hidden pitfalls that could make this one of the worst decisions of a person’s life.

This is why investment experts recommend doing “due dilligence” before you transfer all of your money. Here are the most important things to look for when buying a small business.


If you are like the vast majority of companies out there, you are neglecting employee training and it’s going to cost your business. This is the warning coming out of the Harvard Business review which reported that one of the main reasons top talent leaves an organisation is that they feel their career development is not being supported.

In 2024, there is no excuse for this as there are dozens of new skills that employees need to be trained in for the true success of your business. Here are the most important.

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Your Tax Deadlines for March 2024
  • 07 March - Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 25 March – VAT manual submissions and payments

  • 27 March – Excise duty payments

  • 28 March – End of the 2023/24 Financial year, Value-Added Tax (VAT) electronic submissions and payments, & CIT Provisional payments where applicable.

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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