Every year the South African Revenue Service (SARS) releases it’s SARS tax tables.
These tables assist you in calculating the income tax you are required to pay to SARS.
What is income tax?
Income tax is the tax payable on your taxable income.
To calculate your taxable income, you need to create a total of all of your income sources including:
- Income in the form of a salary, bonus, wages, overtime, allowances, etc.
- Income generated from a business
- Pension income
- Income from the rental of a property
- Income or profits resulting from a being the beneficiary of a trust
- Income from investments or royalties
- Income from annuities
How do I use the SARS tax tables?
After calculating your total taxable income, you can consult the tables below to find the tax bracket that you fall into. If you are below the tax threshold, you are not required to pay any tax.
The tax thresholds are as follows:
Below age 65 – R67 111
Age 65 to below 75 – R104 611
Age 75 and over – R117 111
SARS tax tables for 1 March 2013 – 28 February 2014
|Taxable Income||Tax Rate|
|R 0 – R 165 600||18%|
|R 165 601 – R 258 750||R 29 808 + (25% of amount above R 165 600)|
|R 258 751 – R 358 110||R 53 096 + (30% of amount above R 258 750)|
|R 358 111 – R 500 940||R 82 904 + (35% of amount above R 358 110)|
|R 500 941 – R 638 600||R 132 894 + (38% of amount above R 500 940)|
|R 638 601 and above||R 185 205 + (40% of amount above R 638 600)|
|Primary Rebate||R 12 080|
|Secondary Rebate (Persons 65 and older)||R 6 750|
|Tertiary Rebate (Persons 75 and older)||R 2 250|
Did you know that you are required to register for income tax within 60 days of becoming liable? If you have failed to register within this period or have been non compliant for a number of tax seasons, call Brett on 021 421 4444 to find out how you can become compliant and avoid penalties.
If you are already registered, you are required to submit an annual tax return to SARS. This can be especially complicated if you are a business owner or are self employed as changes in tax legislation mean that items that you could or couldn’t claim for previously, may not be valid any more. To ensure your tax return is accurate, contact Brett at Dirmeik Consulting on 021 421 4444.