Tax Rate for Individuals 2019 - Revision history

Dimitri at 18:33, 1 February 2024

2024-02-01T18:33:34Z

Dimitri at 09:34, 22 February 2019

2019-02-22T09:34:05Z

Dimitri at 09:29, 22 February 2019

2019-02-22T09:29:31Z

Dimitri: Created page with "{| ! style="text-align:left;"| Band ! Base ! Percentage |- |R0 – R189 880 --> |0 plus |18% of taxable income |- |R189 881 – R296 540 --> |R34 178 plus |26% of taxable inco..."

2019-02-22T09:17:33Z

Created page with "{| ! style="text-align:left;"| Band ! Base ! Percentage |- |R0 – R189 880 --> |0 plus |18% of taxable income |- |R189 881 – R296 540 --> |R34 178 plus |26% of taxable inco..."

New page

{|
! style="text-align:left;"| Band
! Base
! Percentage
|-
|R0 – R189 880 -->
|0 plus
|18% of taxable income
|-
|R189 881 – R296 540 -->
|R34 178 plus
|26% of taxable income above R189 880
|-
|R296 541 – R410 460 -->
|R61 910 plus
|31% of taxable income above R296 541
|-
|R410 461 – R555 600 -->
|R97 225 plus
|36% of taxable income above R410 460
|-
|R555 601 – R708 310 -->
|R149 475 plus
|39% of taxable income above R555 600
|-
|R708 311 – R1 500 000 -->
|R209 032 plus
|41% of taxable income above R708 310
|-
|R1 500 001 and above-->
|R533 625 plus
|45% of taxable income above R1 500 000
|-
|}
==Tax threshold==
Income below which no tax is paid:
{|
! style="text-align:left;"| Band
! style="text-align:right;"|Threshold
|-
|Under 65 years of age
|style="text-align:right;" | R75 750
|-
|From 65 to 74 years of age
| style="text-align:right;" | R117 300
|-
|Over 74 years of age
| style="text-align:right;" | R131 150
|}
==Tax Rebates==
{|
|Primary Rebate for Individuals - R13 635
|-
|Secondary Rebate - Persons 65 years of age and older - R7 479
|-
|Tertiary Rebate - Persons 75 years of age and older- R2 493
|}

==Exempt Income==
===Taxable Interest===
#Under 65 years of age : R23 800
#65 years and older :R34 500

A portion of any '''foreign dividend''' is exempt which is determined by a formula dependent upon whether the recipient is a natural person, a deceased estate or a special trust.

==Deductions==
===Medical Expenses and Credits===
*Where taxpayer is under the age of 65
Members of a medical aid are granted a "tax credit" of '''R303 per month''' for the taxpayer and the first dependent and '''R204 per month''' for each dependent thereafter. An additional tax credit arises where all medical aid contributions (company and member) plus qualifying medical expenses exceeds four times the fixed tax credit above. In such cases, an additional credit arises if such expenses and contributions exceed 7.5% of the taxpayer's taxable income. The portion in excess of 7.5% of the taxpayer's taxable income shall rank as an additional "tax credit" to be offset against the tax payable on assessment.

*Where taxpayer is 65 years of age or older , or has a disabled dependent
Members of a medical aid are granted a "tax credit" of '''R303 per month''' for the taxpayer and the first dependent and '''R204 per month''' for each dependent thereafter. An additional tax credit arises where all medical aid contributions (company and member) plus qualifying medical expenses exceeds three times the fixed tax credit above. In such cases, an additional credit arises and is calculated at 33% of all medical aid contributions (company and member) plus qualifying medical expenses. The amount so calculated shall rank as an additional "tax credit" to be offset against the tax payable on assessment.

===Retirement Fund Contributions===
An employee's total contribution to all retirement funds are '''limited to 27.5%''' of remuneration or taxable income(excluding lump-sums received), whichever is greater but capped at an annual limit of R350 000.
Employers may make unlimited contributions to retirement fund's on behalf of employees, but these contributions are fringe benefits and are taxed in the hands of the employee as determined by a formula.

Transfers from fund to fund will have no tax consequences.

==Travelling allowances and Company Cars==
===Travelling Allowances===
Records distinguishing between business travel and total travel must be maintained by taxpayer's in order to claim a deduction against a travelling allowance. the rates allowed are set out below:
{|
! style="text-align:left;"| Vehicle value including VAT
! style="text-align:right;" | Fixed Cost (R)
! style="text-align:right;" | Fuel(c per km)
! style="text-align:right;" | Maintenance(c per km)
|-
|0 to 85 000
|style="text-align:right;" | R28 492
|style="text-align:right;" | 91.2
|style="text-align:right;" | 32.9
|-
|85 001 to 170 000
|style="text-align:right;" | R50 924
|style="text-align:right;" | 101.8
|style="text-align:right;" | 41.2
|-
|170 001 to 255 000
|style="text-align:right;" | R73 427
|style="text-align:right;" | 110.6
|style="text-align:right;" | 45.4
|-
|255 001 to 340 000
|style="text-align:right;" | R93 267
|style="text-align:right;" | 118.9
|style="text-align:right;" | 49.6
|-
|340 001 to 425 000
|style="text-align:right;" | R113 179
|style="text-align:right;" | 127.2
|style="text-align:right;" | 58.2
|-
|425 001 to 510 000
|style="text-align:right;" | R134 035
|style="text-align:right;" | 146.0
|style="text-align:right;" | 68.4
|-
|510 001 to 595 000
|style="text-align:right;" | R154 879
|style="text-align:right;" | 150.9
|style="text-align:right;" | 84.9
|-
|exceeding 595 000
|style="text-align:right;" | R154 879
|style="text-align:right;" | 150.9
|style="text-align:right;" | 84.9
|-

|}

[[Category:South African Normal Tax for Individuals]]

← Older revision		Revision as of 18:33, 1 February 2024
Line 132:		Line 132:

	[[Category:South African Normal Tax for Individuals]]		[[Category:South African Normal Tax for Individuals]]
		+
		+
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		+	[[Media:Budget_2018_Pocket_Tax_Guide.pdf\|Tax Guide 2019]]

@@ Line 68: / Line 68: @@
 ===Medical Expenses and Credits===
 *Where taxpayer is under the age of 65
-Members of a medical aid are granted a "tax credit" of '''R303 per month''' for the taxpayer and the first dependent and '''R204 per month''' for each dependent thereafter. An additional tax credit arises where all medical aid contributions (company and member) plus qualifying medical expenses exceeds four times the fixed tax credit above. In such cases, an additional credit arises if such expenses and contributions exceed 7.5% of the taxpayer's taxable income. The portion in excess of 7.5%  of the taxpayer's taxable income shall rank as an additional "tax credit" to be offset against the tax payable on assessment.
+Members of a medical aid are granted a "tax credit" of '''R310 per month''' for the taxpayer and the first dependent and '''R209 per month''' for each dependent thereafter. An additional tax credit arises where all medical aid contributions (company and member) plus qualifying medical expenses exceeds four times the fixed tax credit above. In such cases, an additional credit arises if such expenses and contributions exceed 7.5% of the taxpayer's taxable income. The portion in excess of 7.5%  of the taxpayer's taxable income shall rank as an additional "tax credit" to be offset against the tax payable on assessment.
 *Where taxpayer is 65 years of age or older , or has a disabled dependent
-Members of a medical aid are granted a "tax credit" of '''R303 per month''' for the taxpayer and the first dependent and '''R204 per month''' for each dependent thereafter. An additional tax credit arises where all medical aid contributions (company and member) plus qualifying medical expenses exceeds three times the fixed tax credit above. In such cases, an additional credit arises and is calculated at 33% of all medical aid contributions (company and member) plus qualifying medical expenses. The amount so calculated shall rank as an additional "tax credit" to be offset against the tax payable on assessment.
+Members of a medical aid are granted a "tax credit" of '''R310 per month''' for the taxpayer and the first dependent and '''R209 per month''' for each dependent thereafter. An additional tax credit arises where all medical aid contributions (company and member) plus qualifying medical expenses exceeds three times the fixed tax credit above. In such cases, an additional credit arises and is calculated at 33% of all medical aid contributions (company and member) plus qualifying medical expenses. The amount so calculated shall rank as an additional "tax credit" to be offset against the tax payable on assessment.
 ===Retirement Fund Contributions===

@@ Line 4: / Line 4: @@
 ! Percentage
 |-
-|R0 – R189 880 -->
+|R0 – R195 850 -->
 |0 plus
 |18% of taxable income
 |-
-|R189 881 – R296 540 -->
+|R195851 – R305 850 -->
-|R34 178 plus
+|R35 253 plus
 |26% of taxable income above R189 880
 |-
-|R296 541 – R410 460 -->
+|R305 851 – R423 300 -->
-|R61 910 plus
+|R63 853 plus
 |31% of taxable income above R296 541
 |-
-|R410 461 – R555 600 -->
+|R423 301 – R555 600 -->
-|R97 225 plus
+|R100 263 plus
 |36% of taxable income above R410 460
 |-
 |R555 601 – R708 310 -->
-|R149 475 plus
+|R147 891 plus
 |39% of taxable income above R555 600
 |-
 |R708 311 – R1 500 000 -->
-|R209 032 plus
+|R207 448 plus
 |41% of taxable income above R708 310
 |-
 |R1 500 001 and above-->
-|R533 625 plus
+|R532 041 plus
 |45% of taxable income above R1 500 000
 |-
@@ Line 40: / Line 40: @@
 |-
 |Under 65 years of age
-|style="text-align:right;" | R75 750
+|style="text-align:right;" | R79 000
 |-
 |From 65 to 74 years of age
-| style="text-align:right;" | R117 300
+| style="text-align:right;" | R122 300
 |-
 |Over 74 years of age
-| style="text-align:right;" | R131 150
+| style="text-align:right;" | R136 750
 |}
 ==Tax Rebates==
 {|
-|Primary Rebate for Individuals  - R13 635
+|Primary Rebate for Individuals  - R14 220
 |-
-|Secondary Rebate - Persons 65 years of age and older -  R7 479
+|Secondary Rebate - Persons 65 years of age and older -  R7 794
 |-
-|Tertiary Rebate - Persons 75 years of age and older- R2 493
+|Tertiary Rebate - Persons 75 years of age and older- R2 601
 |}