From Tax Tables to Tax Breaks: How to make smart tax decisions

In this episode of "My Money, My Lifestyle," host Maya Fisher-French welcomes tax expert Andre Bothma to discuss the implications of recent tax proposals on personal finances as the new tax year begins. 

Maya and Andre explore the concept of fiscal drag, where taxpayers find themselves paying more due to the lack of inflation adjustments in tax tables. They clarify common misconceptions about salary increases and tax brackets, emphasizing that the tax implication of earning more should not stop you from taking a salary increase. The conversation also touches on existing wealth taxes in South Africa, the impact of capital gains tax, and the notion that middle-class individuals often bear the brunt of tax burdens.

Listeners will gain insights into the complexities of tax compliance, the importance of making informed financial decisions without letting tax implications dictate choices, and the potential consequences of not adapting tax legislation to accommodate the growing self-employed and freelance workforce.

Join Maya and Andre as they unpack these pressing financial topics, providing listeners with valuable information to navigate their personal tax situations effectively.