Tax Rates for Individuals 2017 - Revision history

Dimitri at 18:34, 1 February 2024

2024-02-01T18:34:57Z

Dimitri at 06:08, 6 July 2018

2018-07-06T06:08:44Z

Dimitri at 05:58, 6 July 2018

2018-07-06T05:58:50Z

Dimitri at 05:49, 6 July 2018

2018-07-06T05:49:33Z

Dimitri at 21:19, 5 July 2018

2018-07-05T21:19:24Z

Dimitri at 21:18, 5 July 2018

2018-07-05T21:18:13Z

Dimitri at 21:16, 5 July 2018

2018-07-05T21:16:14Z

Dimitri at 12:41, 5 July 2018

2018-07-05T12:41:47Z

Dimitri at 12:38, 5 July 2018

2018-07-05T12:38:36Z

Dimitri at 12:37, 5 July 2018

2018-07-05T12:37:27Z

← Older revision		Revision as of 18:34, 1 February 2024
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	[[Category:South African Normal Tax for Individuals]]		[[Category:South African Normal Tax for Individuals]]
		+
		+
		+
		+	[[Media:2016_Budget_Tax_Rates_guide.pdf\|Tax Guide 2017]]

← Older revision		Revision as of 06:08, 6 July 2018
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	Transfers from fund to fund will have no tax consequences.		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 80 000
		+	\|style="text-align:right;" \| R26 675
		+	\|style="text-align:right;" \| 82.4
		+	\|style="text-align:right;" \| 30.8
		+	\|-
		+	\|80 001 to 160 000
		+	\|style="text-align:right;" \| R47 644
		+	\|style="text-align:right;" \| 92.0
		+	\|style="text-align:right;" \| 38.6
		+	\|-
		+	\|}
		+
	[[Category:South African Normal Tax for Individuals]]		[[Category:South African Normal Tax for Individuals]]

@@ Line 56: / Line 56: @@
 ==Exempt Income==
-Taxable Interest
+===Taxable Interest===
 #Under 65 years of age : R23 800
 #65 years and older :R34 500
@@ Line 63: / Line 63: @@
 ==Deductions==
-Medical Expenses and Credits
+===Medical Expenses and Credits===
 *Where taxpayer is under the age of 65
 Members of a medical aid are granted a "tax credit" of '''R286 per month''' for the taxpayer and the first dependent and '''R192 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.
@@ Line 70: / Line 70: @@
 Members of a medical aid are granted a "tax credit" of '''R286 per month''' for the taxpayer and the first dependent and '''R192 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.
 [[Category:South African Normal Tax for Individuals]]

@@ Line 60: / Line 60: @@
 #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 atural person, a deceased estate or a special trust.
+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.
 [[Category:South African Normal Tax for Individuals]]

@@ Line 60: / Line 60: @@
 #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 atural person, a deceased estate or a special trust.
+A portion of any '''foreign dividend''' is exempt which is determined by a formula dependent upon whether the recipient is a atural person, a deceased estate or a special trust.
 [[Category:South African Normal Tax for Individuals]]

@@ Line 53: / Line 53: @@
 |Tertiary Rebate - Persons over 75 years of age - R2 466
 |}
 [[Category:South African Normal Tax for Individuals]]

@@ Line 37: / Line 37: @@
 |-
 |Under 65 years of age
-| R75 000
+|style="text-align:right;" | R75 000
 |-
 |From 65 to 74 years of age
-| R116 150
+| style="text-align:right;" | R116 150
 |-
 |Over 74 years of age
-| R129 850
+| style="text-align:right;" | R129 850
 |}
 ==Tax Rebates==

@@ Line 34: / Line 34: @@
 {|
 ! style="text-align:left;"| Band
-! Threshold
+! style="text-align:right;"|Threshold
 |-
 |Under 65 years of age