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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).
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