PERSONAL INCOME TAX

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PERSONAL INCOME TAX

Examples of amounts an individual may receive, and from which the taxable income is determined, include –

  • Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits
  • Profits or losses from a business or trade
  • Income or profits arising from an individual being a beneficiary of a trust
  • Director’s fees
  • Investment income, such as interest and foreign dividends
  • Rental income or losses
  • Income from royalties
  • Annuities
  • Pension income
  • Certain capital gains

For the 2017 year of assessment (1 March 2016 – 28 February 2017)

  • R75 000 if you are younger than 65 years.
  • If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R116 150.
  • For taxpayers aged 75 years and older, this threshold is R129 850.

For the 2016 year of assessment (1 March 2015 – 29 February 2016)

  • R73 650 if you are younger than 65 years.
  • If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R114 800.
  • For taxpayers aged 75 years and older, this threshold is R128 500.

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