South Africa Budget 2018 Highlights

Employers need to consider below updates for calculating tax

Tax Rates for 2018-19

Taxable Income	2018/19 Rates of Tax
0- 195850	18% of taxable income
195851- 305850	35,253 + 26% of the amount above 195850
305851 - 423300	63853 + 31% of amount above 305850
423301 - 555600	100263 + 36% of the amount above 423300
555601 - 708310	147891 + 39% of the amount above 555600
708311 - 1500000	207448 + 41% of the amount above 708310
1500000 and above	532041 + 48% of the amount above 1500000

Rebates

Primary - R 14067

Secondary (Persons 65 and older) - R 7713
Tertiary (Persons 75 and older) - R 2574

Tax Threshold

Below age 65 - R 78150
Age 65 to Below 75 - R 121800
Age 75 and over - R 135 300

Retirement Fund Deduction

The deduction is limited to 27.5% of the greater of remuneration for PAYE Purpose or taxable income (both excluding retirement fund lump sums and severance benefits). The deduction is further limited to the lower of R 350000 or 27.5% of taxable income before inclusion of a taxable capital gain.

Medical Tax Credit

Medical Scheme Fee tax credit up to R 310 for the individual and first dependent and R 209 for each additional dependent.

Subsistence Allowance

Meals and Incidental Cost: R 416 per day
Incidental Cost only: R 218 per day

Comments

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