Budget Speech Summary 2015

Personal income tax rates, rebates and thresholds have been increased.
UIF earnings threshold is proposed to be limited at a maximum of R1000.00 per month for the year 2015/2016.
The General Fuel Levy was increased by 30.5c/litre and the Road Accident Fun Levy has increased by 50c/l.
Micro business tax rates for turnover tax has been decreased.
Local subsistence allowance has been set to R353.00 per day for meals & incidental costs and R109.00 for incidental costs only.
Proposition has been made to increase the electricity levy by 2c/kWh.
Employment Tax Incentive calculations have been amended to include employees not working a full month.
Retirement Reform has been postponed, preliminarily until 1 March 2016.
Transfer duty rates and brackets have been amended to provide relief for middle-income households.
The deemed rate per kilometre was decreased 12c to R3.18/km

Tax rates

The rates of tax in respect of the 2015/2016 tax year are set out in the tax table below.

Taxable Income (R): Rates of Tax:

0 – 181,900 18% of taxable income

181,901 – 284,100 R32,742 + 26% of taxable income above R181,900

284,101 – 393,200 R59,314+ 31% of taxable income above R284,100

393,201 – 550,100 R93,135 + 36% of taxable income above R393,200

550,101 – 701,300 R149,619 + 39% of taxable income above R550,100

701,301 and above R208,587 + 41% of taxable income above R701,300

Rebates:

Tax Thresholds:

Below age 65: Age 65 and below 75: Age 75 and over:

R13,257 R7,407 R2,466

R73,650 R114,800 R128,500

Online Tax Calculator

https://www.pastelpayroll.co.za/salary-tax-calculator/

Consolidated budget summary