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News & Press: Individuals Tax

Personal income tax relief and new tax tables

27 February 2013   (1 Comments)
Posted by: Herman van Dyk
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Finance Minister Pravin Gordhan announced personal income tax relief of R7 billion for the 2013/14 year of assessment in order to lessen fiscal drag.

Personal income tax rates (2014 year of assessment)

The following personal income tax rates apply for the 2014 tax year:


Taxable income

Tax rate

R0 – R165 600

18% of each R1

R165 601 – R258 750

R29 808 + 25% of the amount above R165 600

R258 751 – R358 110

R53 096 + 30% of the amount above R258 750

R358 111 – R500 940

R82 904 + 35% of the amount above R358 100

R500 941 – R638 600

R132 894 + 38% of the amount above R500 940

R638 601+

R185 205 + 40% of the amount above R638 600

The highest marginal rate of tax has remained at 40% despite speculation to the contrary.

Rebates

Tax tax rebates have been increased to the following amounts:

REBATE

R

Primary (taxpayers below age of 65)

R12 080

Secondary (additional for taxpayers aged 65 and older)

R6 750

Tertiary (additional for taxpayers aged 75 and older)

R2 250

Income tax thresholds

The increased rebates mentioned above had resulted in the following tax thresholds for the 2014 year of assessment:

AGE GROUP

THRESHOLD

Taxpayers below age of 65

R67 111.11

Taxpayers aged 65 and over

R104 611.11

Taxpayers aged 75 and over

R117 111.11


Comments...

Johann Bekker says...
Posted 13 March 2013
What is the new interest exemption for 2014, R34,000 or R34,500 ? Does anyone know?

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