- 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
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
Below age 65: Age 65 and below 75: Age 75 and over:
R13,257 R7,407 R2,466
R73,650 R114,800 R128,500
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Consolidated budget summary