Individual Income Tax Rates for 2013-2014
Individual Income Tax Rates in South African Rands for the period 1 March 2013 to 28 February 2014 are as follows:
R0 – R165 600 @18% of taxable income
R165 601 – R258 750 @R29 808 + 25% of taxable income above 165 600
R258 751 – R358 110 @R53 096 + 30% of taxable income above 258 750
R358 111 – R500 940 @R82 904 + 35% of taxable income above 358 110
R500 941 – R638 600 @R132 894 + 38% of taxable income above 500 940
R638 601 and above @R185 205 + 40% of taxable income above 638 600
What is individual income tax?
Individual income tax is the normal tax which is paid on the income you receive.
Examples of the types of taxable income someone might receive is listed here:
- Remuneration (from employment).
- Profits or losses from a business or trade
- Income or profits arising from an individual being a beneficiary of a trust
- Director’s fees
- Investment income, such as interest and foreign dividends
- Rental income or losses
- Income from royalties
- Pension income
- Certain capital gains
Who is it for?
You are liable to pay income tax if you earn more than R70 700 in year and if you are younger than 65 years of age. If you are 65 years of age or older, the tax threshold increases to R110 200. If you are aged 75 years and older, the threshold is increased to R123 350.
Where taxpayers receive remuneration which is less than R250 000, they may apply not to submit an income tax return. The following criteria must be met before applying:
- Their remuneration is from a single employer.
- Their remuneration is for a full year.
- No allowance was paid, from which employees’ tax was not fully deducted.
- No further deductions need to be claimed or income declared.