{"id":1137,"date":"2020-03-04T07:45:27","date_gmt":"2020-03-04T05:45:27","guid":{"rendered":"https:\/\/www.axiaconsulting.co.za\/?p=1137"},"modified":"2026-05-14T08:21:08","modified_gmt":"2026-05-14T06:21:08","slug":"how-the-2020-budget-updates-affect-me-and-my-business","status":"publish","type":"post","link":"https:\/\/www.axiaconsulting.co.za\/af\/how-the-2020-budget-updates-affect-me-and-my-business\/","title":{"rendered":"How the 2020 budget updates affect me and my business"},"content":{"rendered":"
\n\t
\n\t\t
\n\t\t\t

Sitting through the budget speech is not really high up on the list of priorities of the average small business owner.\u00a0 Here are some of the highlights, specifically related to the tax consequences going forward.<\/span><\/p>\n

First off, it came as a relief that the VAT rate was not adjusted, as many experts expected it would be.\u00a0 Treasury did not record their predicted revenue increase after the last adjustment from 14% to 15%, and coupled with the negativity around that hike, this was welcome news.<\/span><\/p>\n

Secondly, South African individual taxpayers will have a few extra rands in their pockets as real tax relief was provided for personal income tax.\u00a0 This means that the tax brackets and rebates were adjusted, above inflation, which is great news for already cash-strapped pockets.\u00a0 A taxpayer earning R10 000 per month will see a 10% reduction in their taxes, whilst someone earning R100 000 per month will pay about 1.5% less.<\/span><\/p>\n

For those businesses that are classified as small business corporations for income tax purposes, the thresholds were adjusted accordingly.\u00a0 The first R83 100 of their taxable income will be taxed at 0%.<\/span><\/p>\n

Minister Mboweni also proposed a broadening of the corporate income tax base to enable a reduction to the corporate tax rate in the near future.\u00a0 This will stimulate growth in the business sector and assist in the unemployment issues we are facing.<\/span><\/p>\n

Now for the not-so-good news:<\/span><\/p>\n

We saw an increase in the fuel levy by 25c\/litre, which will affect South Africans across the board.\u00a0 An increase in the plastic bag levy of 25c was also announced.<\/span><\/p>\n

Further, a restriction has been placed on the ability of companies to fully offset assessed losses from prior years against their current year taxable income.<\/span><\/p>\n

There are mixed views regarding the minister\u2019s budget, with the proposed cut in the government\u2019s wage bill being the main hurdle.\u00a0 It remains to be seen what effect this will have.<\/span><\/p>\n

If you\u2019d like any further information on this article, please send us an email to admin@axiaconsulting.co.za<\/a><\/span><\/p>\n

budget-2020-tax-guide<\/a><\/span><\/p>\n

budget-2020-highlights<\/a><\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"Sitting through the budget speech is not really high up on the list of priorities of the average small business","protected":false},"author":2,"featured_media":1139,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nHow the 2020 budget updates affect me and my business - aXia Consulting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.axiaconsulting.co.za\/af\/how-the-2020-budget-updates-affect-me-and-my-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the 2020 budget updates affect me and my business - aXia Consulting\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.axiaconsulting.co.za\/af\/how-the-2020-budget-updates-affect-me-and-my-business\/\" \/>\n<meta property=\"og:site_name\" content=\"aXia Consulting\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-04T05:45:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-14T06:21:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2020\/03\/wallet-2292428_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rochelle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rochelle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/\"},\"author\":{\"name\":\"Rochelle\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#\\\/schema\\\/person\\\/b0d5abbeb4121448331ee04b93de1ccd\"},\"headline\":\"How the 2020 budget updates affect me and my business\",\"datePublished\":\"2020-03-04T05:45:27+00:00\",\"dateModified\":\"2026-05-14T06:21:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/\"},\"wordCount\":363,\"publisher\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/wallet-2292428_1920.jpg\",\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"af-ZA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/\",\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/\",\"name\":\"How the 2020 budget updates affect me and my business - aXia Consulting\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/wallet-2292428_1920.jpg\",\"datePublished\":\"2020-03-04T05:45:27+00:00\",\"dateModified\":\"2026-05-14T06:21:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#breadcrumb\"},\"inLanguage\":\"af-ZA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"af-ZA\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/wallet-2292428_1920.jpg\",\"contentUrl\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/wallet-2292428_1920.jpg\",\"width\":1920,\"height\":1280},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/how-the-2020-budget-updates-affect-me-and-my-business\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How the 2020 budget updates affect me and my business\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#website\",\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/\",\"name\":\"aXia Consulting\",\"description\":\"Tax & Accounting Specialists for Small to Medium Enterprises\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"af-ZA\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#organization\",\"name\":\"aXia Consulting\",\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"af-ZA\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/logo.png\",\"contentUrl\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/logo.png\",\"width\":391,\"height\":129,\"caption\":\"aXia Consulting\"},\"image\":{\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/company\\\/axia-consulting-pty-ltd\\\/about\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/#\\\/schema\\\/person\\\/b0d5abbeb4121448331ee04b93de1ccd\",\"name\":\"Rochelle\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"af-ZA\",\"@id\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/rochelle497.jpg\",\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/rochelle497.jpg\",\"contentUrl\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/rochelle497.jpg\",\"caption\":\"Rochelle\"},\"url\":\"https:\\\/\\\/www.axiaconsulting.co.za\\\/af\\\/author\\\/axia_roch19\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How the 2020 budget updates affect me and my business - aXia Consulting","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.axiaconsulting.co.za\/af\/how-the-2020-budget-updates-affect-me-and-my-business\/","og_locale":"en_US","og_type":"article","og_title":"How the 2020 budget updates affect me and my business - aXia Consulting","og_url":"https:\/\/www.axiaconsulting.co.za\/af\/how-the-2020-budget-updates-affect-me-and-my-business\/","og_site_name":"aXia Consulting","article_published_time":"2020-03-04T05:45:27+00:00","article_modified_time":"2026-05-14T06:21:08+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2020\/03\/wallet-2292428_1920.jpg","type":"image\/jpeg"}],"author":"Rochelle","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Rochelle","Est. reading time":"2 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#article","isPartOf":{"@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/"},"author":{"name":"Rochelle","@id":"https:\/\/www.axiaconsulting.co.za\/#\/schema\/person\/b0d5abbeb4121448331ee04b93de1ccd"},"headline":"How the 2020 budget updates affect me and my business","datePublished":"2020-03-04T05:45:27+00:00","dateModified":"2026-05-14T06:21:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/"},"wordCount":363,"publisher":{"@id":"https:\/\/www.axiaconsulting.co.za\/#organization"},"image":{"@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#primaryimage"},"thumbnailUrl":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2020\/03\/wallet-2292428_1920.jpg","articleSection":["Uncategorized"],"inLanguage":"af-ZA"},{"@type":"WebPage","@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/","url":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/","name":"How the 2020 budget updates affect me and my business - aXia Consulting","isPartOf":{"@id":"https:\/\/www.axiaconsulting.co.za\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#primaryimage"},"image":{"@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#primaryimage"},"thumbnailUrl":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2020\/03\/wallet-2292428_1920.jpg","datePublished":"2020-03-04T05:45:27+00:00","dateModified":"2026-05-14T06:21:08+00:00","breadcrumb":{"@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#breadcrumb"},"inLanguage":"af-ZA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/"]}]},{"@type":"ImageObject","inLanguage":"af-ZA","@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#primaryimage","url":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2020\/03\/wallet-2292428_1920.jpg","contentUrl":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2020\/03\/wallet-2292428_1920.jpg","width":1920,"height":1280},{"@type":"BreadcrumbList","@id":"https:\/\/www.axiaconsulting.co.za\/how-the-2020-budget-updates-affect-me-and-my-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.axiaconsulting.co.za\/"},{"@type":"ListItem","position":2,"name":"How the 2020 budget updates affect me and my business"}]},{"@type":"WebSite","@id":"https:\/\/www.axiaconsulting.co.za\/#website","url":"https:\/\/www.axiaconsulting.co.za\/","name":"aXia Consulting","description":"Belasting- en rekeningkundige spesialiste vir klein tot medium ondernemings","publisher":{"@id":"https:\/\/www.axiaconsulting.co.za\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.axiaconsulting.co.za\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"af-ZA"},{"@type":"Organization","@id":"https:\/\/www.axiaconsulting.co.za\/#organization","name":"aXia Consulting","url":"https:\/\/www.axiaconsulting.co.za\/","logo":{"@type":"ImageObject","inLanguage":"af-ZA","@id":"https:\/\/www.axiaconsulting.co.za\/#\/schema\/logo\/image\/","url":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2019\/07\/logo.png","contentUrl":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2019\/07\/logo.png","width":391,"height":129,"caption":"aXia Consulting"},"image":{"@id":"https:\/\/www.axiaconsulting.co.za\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/axia-consulting-pty-ltd\/about\/"]},{"@type":"Person","@id":"https:\/\/www.axiaconsulting.co.za\/#\/schema\/person\/b0d5abbeb4121448331ee04b93de1ccd","name":"Rochelle","image":{"@type":"ImageObject","inLanguage":"af-ZA","@id":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2019\/07\/rochelle497.jpg","url":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2019\/07\/rochelle497.jpg","contentUrl":"https:\/\/www.axiaconsulting.co.za\/wp-content\/uploads\/2019\/07\/rochelle497.jpg","caption":"Rochelle"},"url":"https:\/\/www.axiaconsulting.co.za\/af\/author\/axia_roch19\/"}]}},"_links":{"self":[{"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/posts\/1137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/comments?post=1137"}],"version-history":[{"count":2,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/posts\/1137\/revisions"}],"predecessor-version":[{"id":1873,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/posts\/1137\/revisions\/1873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/media\/1139"}],"wp:attachment":[{"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/media?parent=1137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/categories?post=1137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.axiaconsulting.co.za\/af\/wp-json\/wp\/v2\/tags?post=1137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}