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Retirement Funds and Investments

Medical Schemes and Medical Insurance

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Short Term Insurance: Personal and Commercial

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Tax tables

INCOME TAX: INDIVIDUALS AND TRUSTS

Tax rates (year of assessment ending 28 February 2014)

Individuals and special trusts

Taxable Income (R)  Rate of Tax (R)

0 - 165 600

18% of taxable income

165 601 - 258 750

29 808 + 25% of taxable income above 165 600

258 751 - 358 110

53 096 + 30% of taxable income above 258 751

358 111 - 500 940

82 904 + 35% of taxable income above 358 110

500 941 - 638 600

132 894 + 38% of taxable income above 500 940

638 601 and above

185 205 + 40% of taxable income above 638 600

Tax Rebates
Only available to individuals

Rebates

Primary

R12 080

Secondary (Persons 65 to under 75)

R6 750

Tertiary (Persons 75 and older)

R2 250

Tax Thresholds

Age Tax Threshold

Below age 65

R67 111

Age 65 to under 75

R104 611

Age 75 and over

R117 111

Medical Aid Rebates/Credits
Monthly amounts deductable from tax payable

Age 2013 2014    

Persons under 65

230

242

Persons under 65 - One Dependant

460

484

Persons under 65 - Two Dependants

614

646

Each Aditional Dependant

154

162

Subsistence allowances and advances

An employee is entitled to receive a subsistence allowance when the employee is obliged to spend at least one night away from his or her usual place of residence

  • Travel inside RSA - incidentals only R98
    Travel inside RSA - meals and incidentals R319
  • Travel outside RSA - meals and incidentals Schedule of limits per country

Kilometre rate for reimbursed km

The SARS prescribed rate per kilometer increased from R3.16 to R3.24.

Retirement and Savings Reforms

Contributions to Pension, Provident and Retirement Annuity Funds

From 1 March 2014 an employer’s contributions to all retirement funds on behalf of an employee will be treated as a taxable fringe benefit in the hands of the employee.
From that date, individuals will be allowed to deduct up to 27.5% of the higher of taxable income or employment income for contributions to pension, provident and retirement annuity funds. The maximum deduction will be R350 000 per annum. Any excess over R350 000 be carried forward to future tax years.

Non-retirement savings

Implementation of tax-preferred savings and investment accounts to be introduced by April 2015.
All returns accrued within these accounts and any withdrawals would be exempt from tax. The account would have an initial annual contribution limit of R30 000 and a lifetime limit of R500 000, to be increased regularly in-line with inflation.

Official Interest Rate (Low and Interest Free Loans)
Reserve Bank repurchase rate plus 1% from 1 March 2011. The repurchase rate was 5.5% from 1 March 2011 and decreased to 5% as from August 2012.

UIF Limit - R178 464 per annum, R14 872 per month or R3 432 per week as from 1 October 2012.

OID Limit - R292 032 per annum for 2012/2013.
The limit for 2013/2014 has not yet been promulgated.

BCEA Earnings Threshold - R183 008 per annum as from 1 July 2012.

For any enquiry, or for help, please contact us.