01. What is the individual income tax rates – year of assessment ending on 28 February 2022
Rates of tax – year of assessment ending on 28 February 2022 | |||||
R1 | – | R 216 200 | 18% of each R1 | ||
R 216 201 | – | R 337 800 | R 38 916 | + | 26% of each R above R 216 200 |
R 337 801 | – | R 467 500 | R 70 532 | + | 31% of each R above R 337 800 |
R 467 501 | – | R 613 600 | R 110 739 | + | 36% of each R above R 467 500 |
R 613 601 | – | R 782 200 | R 163 335 | + | 39% of each R above R 613 600 |
R 782 201 | – | R 1 656 00 | R 229 089 | + | 41% of each R above R 782 200 |
R 1656 601 | + | R 587 593 | + | 45% of each R above R 1 656 600 | |
Ordinary trusts are taxed at a flat rate of 45% | |||||
02. What is at the individual income tax rates – year of assessment ending on 28 February 2023
Rates of tax – year of assessment ending on 28 February 2023 | |||||
R1 | – | R 226 000 | 18% of each R1 | ||
R 226 001 | – | R 353 100 | R 40 680 | + | 26% of each R above R 226 000 |
R 353 101 | – | R 488 700 | R 73 726 | + | 31% of each R above R 353 100 |
R 488 701 | – | R 641 400 | R 115 762 | + | 36% of each R above R 488 700 |
R 641 401 | – | R 817 200 | R 170 734 | + | 39% of each R above R 641 400 |
R 817 601 | – | R 1731 600 | R 239 452 | + | 41% of each R above R 817 600 |
R 1731 601 | + | R 614 192 | + | 45% of each R above R 1 731 600 | |
Ordinary trusts are taxed at a flat rate of 45% | |||||
03. What are the monthly medical aid tax credits?
| TAX YEAR | |
Rate per month | 2021/2022 | 2022/2023 |
Taxpayer | R 332 | R 347 |
Taxpayer and first dependant | R 664 | R 694 |
Each additional dependant | R 224 | R 234 |
04. What documents do Stilbaai Rekenmeesters need to prepare my tax return
- IRP5/IT3(a) employee certificates.
- IT3(b), (c) and (s) certificates from financial institutions in respect of interest (including medical aid IT3(b)).
- Medical aid tax certificates.
- Retirement annuity tax certificates.
- If you declared a lump sum, a copy of the relevant tax directive from your employer or financial institution.
- Information relating to rental income, capital gain transactions.
- Travel logbook if travel allowance is provided as a fringe benefit for non-commission earners or when claiming travel expenses as a commission earner.
05. What are the annual tax thresholds?
| TAX YEAR | |
| 2021/2022 | 2022/2023 |
Below 65 | R 87 300 | R 91 250 |
65 to below 75 years | R 135 150 | R 141 250 |
75 years and older | R 151 100 | R 157 900 |
06. What is the interest exemption?
| TAX YEAR | |
| 2021/2022 | 2022/2023 |
Below 65 | R 23 800 | R 23 800 |
65 to below 75 years | R 34 500 | R 34 500 |
07. Taxable income from retirement fund lump sum – Withdrawal benefits
RATE OF TAX | |||
R 0 | – | R 25 000 | 0% |
R 25 001 | – | R 660 000 | 18% of each R above R 25 000 |
R 660 001 | – | R 990 000 | R 114 300 + 27% of each R above R 660 000 |
R 999 001 | – | R 203 400 + 36% of each R above R 990 000 | |
08. Taxable income from retirement fund lump sum – Retirement benefits
RATE OF TAX | |||
R 0 | – | R 500 000 | 0% |
R 500 001 | – | R 700 000 | 18% of each R above R 500 000 |
R 700 001 | – | R 1 050 000 | R 36 000 + 27% of each R above R 700 000 |
R 1 050 000 | – | R 130 500 + 36% of each R above R 1 050 000 | |
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