What will the 2015 Budget say about small business owners?
There are five areas where the SME owners should pay attention during the Budget Speech this week, according to FNB.
1. Tax Policy: There have been several reforms to tax policy over the years which have sought to minimise the effect of tax on small businesses. Lowe said that it will be interesting to note whether or not the process for acquiring a tax certificate could be simplified.
2. Funding for Ministry of Small Business Development: The Ministry of Small Business Development assists small businesses, one of the important things to look out for in the Budget Speech is how this will be funded.
3. National Development Plan (NDP) updates: The NDP forms a vital part of South Africa’s economic development, and any decisions made with regards to the NDP could have a direct impact on SMEs.
4. Infrastructure investment: SME’s depend on sub-contracting deals as part of their business, and therefore it will be important to take note of what infrastructure programmes the government has on its agenda, as this can have a direct and indirect impact.
5. Procurement: In past years there has been a move towards an inclusive procurement environment, according to Lowe, which has “given SMEs access to the supply chain of major industries.”
Featured Are you entitled to your spouse’s pension after divorce?
Divorce means more than just parting ways with your partner. It may also involve parting ways with your assets. The Divorce Act states that your retirement fund forms part of your assets. This means that it will be considered when dividing up your assets.
Retrenched – what payments are you entitled to?
In the current struggling economic climate, retrenchments are a regular occurrence and not everyone survives the cut. If you find yourself on the receiving end of retrenchment you may have questions about the payments that are due to you.
Do you want to settle your debt?
You may be considering settling your credit account, whether it’s a credit card or various store accounts, now may be as good a time as any. This especially if you have saved, or you received a tax return or salary bonus.
Can you afford a personal loan?
Taking out new debt is not always a choice. However, if you’re not pressed by a medical emergency or an unforeseen disaster, it’s worthwhile considering whether you can actually afford it. But what does it mean to “be able to afford a personal loan”? What percentage of your income should you not exceed dedicating to it?
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