fbpx

For ease of reference we have uploaded the new tax tables below.

NEW INCOME TAX TABLES 2018/19 (INDIVIDUALS & SPECIAL TRUSTS)
Taxable Income Tax
 
R0 – R195,850 18% of taxable income
195,851 – 305,850 R35,253 + 26% of the amount above R195,850
305,851 – 423,300 R63,853 + 31% of the amount above R305,850
423,301 – 555,600 R100,263 + 36% of the amount above R423,300
555,601 – 708,310 R147,891 + 39% of the amount above R555,600
708,311 – 1,500,000 R207,448 + 41% of the amount above R708,310
1,500,001 and above R532,041 + 45% of the amount above R1,500,000
New rates apply from 1 March 2018. Trusts (other than special trusts) are taxed at 45%

 

NOTES 2018/19 CHANGES FROM LAST YEAR APPLICABLE DATES
       
VAT 15% Increases by 1% 1  April
Rebates
Persons under 65 R14,067 Increased by R432 1 March
Secondary (Persons over 65 and below 75) R21,780 Increased by R666 1 March
Tertiary (Persons 75 and older) R24,354 Increased by R747 1 March
Tax Thresholds
Persons under 65 R78,150 Increased by R2,400 1 March
Secondary (Persons over 65 and below 75) R121,000 Increased by R3,700 1 March
Tertiary (Persons 75 and older) R135,300 Increased by R4,150 1 March
Interest Exemption
Persons under 65 R23,800 No change N/A
Persons 65 and older R34,500 No change N/A
Dividends
 Dividends Tax 20% No change N/A
Medical Aid Tax Credits per beneficiary
First two beneficiaries R310 p.m. each Increased by R7 1 March
Third and more R209 p.m. each Increased by R5 1 March
Business Travel – Tax free
Up to 12,000 kilometres per annum R3.61 per km Increased by 6 cents per km. 1 March
Travel Allowance 
Travel allowance still taxable at 80% No change No change N/A
Logbook compulsory
Other Taxes
Capital Gains Tax – Individuals/Special Trusts* 18.00% No change N/A
Capital Gains Tax – Companies 22.4% No change N/A
Capital Gains Tax – Other Trusts 36.00% No change N/A
Fuel Levy Increases by 22 cents a litre 4 April
Cigarettes Increases by R1.22 per packet of 20 1 April
Wine (Unfortified) Increases by 23 cents a 750 ml bottle 1 April
Spirits Increases by R4.80 a 750 ml  bottle 1 April
Beer Increases by 15 cents a 340 ml bottle 1 April
Road Accident Fund Increases by 30 cents a litre 4 April
       
*= Represents the maximum effective  rate of Capital Gains Tax

 

SMALL BUSINESS CORPORATIONS – NEW TAX TABLE
Taxable Income New SBC Tax Rates Change vs Prior Year
   
R0 – R78,150 Nil Band raised by R2,400
R78,151 – 365,000 7% of taxable income over R78,150 Small tax decrease
R365,001 – R550,000 R20,080 + 21% over R365,000 Small tax decrease
Over R550,001 R58,930 + 28% over R550,000 Small tax decrease
   
Benefits to taxpayers are marginal
Rates apply 1 April 2018 to 31 March 2019

NOTE FOR ACCOUNTANTS: See SAICA’s “Budget 2018” webpage here for more documents (with tables in the PDF and Word documents in the “SAICA 2018 Budget Pack” section).


© DotNews