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Finance Minister Pravin Gordhan delivered his 2016 Budget on 24 February, and surprised analysts by not hiking the personal income tax rate. Tax rates for companies and VAT were not increased either.
The tables below detail the income tax rates for the year ahead.
Tax thresholds and rebates
| Taxable income | Rates of tax |
| 0 – 188 000 | 18% of taxable income |
| 188 001 – 293 600 | 33 840 + 26% of taxable income above 188 000 |
| 293 601 – 406 400 | 61 296 + 31% of taxable income above 293 600 |
| 406 401 – 550 100 | 96 264 + 36% of taxable income above 406 400 |
| 550 101 – 701 300 | 147 996 + 39% of taxable income above 550 100 |
| 701 301 and above | 206 964 + 41% of taxable income above 701 300 |
Tax Threshold 2016/17
| Under 65 | R75 000 |
| 65 and older | R116 150 |
| 75 and older | R129 850 |
Tax Rebate 2016/17
|
Primary |
R13 500 |
|
Secondary (65 and older) |
R7 407 |
|
Tertiary (75 and older) |
R2 466 |
Are you our next team member? JOB OFFER. Work from home administrator needed for our expanding team. Requirements: We work with client confidential information so security measures and being trustworthy is essential. Training will be provided. This may suit a semi retired or home based woman. We are 100% woman...
It’s almost that time again when payroll information needs to be sent to SARS. Payroll information from March to August needs to be sent to SARS via E@syfile or eFiling. This year the filing season is very short. It opens on 22 September and the deadline is 31 October. Any...
For all our PayX clients, exciting news: Please upgrade to Version 8 (major version release) to take advantage of all the new features. Costing History reports and on screen viewing has been improved and you can now email Tax Certificates to your staff. Contact help@payslip.co.za if you require assistance..
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