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.