Finance Minister Enoch Godongwana announced his budget speech on Wednesday 21st February 2024, that he hoped would alleviate immediate fiscal pressures. It was disappointing news for South Africa’s already struggling households to hear that the additional R15 billion needed to balance the budget, will come out of the pockets of individual taxpayers. To achieve [...]
All income tax calculators are based on the tax tables from SARS for the specific period of taxation and this is what is used to work out your tax liability, that is the amount of money you need to pay to SARS. The formula to calculate your base tax liability is simple: Base Tax [...]
Each year, the South African Revenue Service (SARS) releases a set of tax tables to assist you in calculating your tax liability from your taxable income. What is my taxable income? Your taxable income is not necessarily a tax you are only liable to pay on a salary or wage. You may also be [...]
