Difference between revisions of "Tax Rates for Individuals 2017"
| Line 60: | Line 60: | ||
#65 years and older :R34 500 | #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 | + | 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 '''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. | ||
| + | |||
| + | *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 '''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]] | [[Category:South African Normal Tax for Individuals]] | ||
Revision as of 05:49, 6 July 2018
1 March 2016 to 28 February 2017
| Band | Base | Percentage |
|---|---|---|
| R0 to R188 000 --> | 0 plus | 18% of taxable income |
| R188 000 to R293 600 --> | R33 840 plus | 26% of taxable income above R188 000 |
| R293 601 to R406 400 --> | R61 296 plus | 31% of taxable income above R293 600 |
| R406 401 to R550 100 --> | R96 264 plus | 36% of taxable income above R406 400 |
| R550 101 to R701 300 --> | R147 996 plus | 39% of taxable income above R550 100 |
| R701 301 and above --> | R206 964 plus | 41% of taxable income above R701 300 |
Tax threshold
Income below which no tax is paid:
| Band | Threshold |
|---|---|
| Under 65 years of age | R75 000 |
| From 65 to 74 years of age | R116 150 |
| Over 74 years of age | R129 850 |
Tax Rebates
| Primary Rebate for Individuals - R13 500 |
| Secondary Rebate - Persons over 65 years of age - R7 407 |
| Tertiary Rebate - Persons over 75 years of age - R2 466 |
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 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.
- 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 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.
