INDIVIDUAL TAX
Individual Tax
Individual Tax | Provisional Tax | Tax Advise
We offer the following services for individuals;
• Completion of individual tax returns
• Completion of provisional returns when due
• Income tax advice
• Tax Extensions
• All other tax administration issues
Frequently Asked Questions
1What are the tax rates for individuals?
Reference
2024 tax year (1 March 2023 - 29 February 2024)
22 February 2023 – See changes from last year:
| Taxable income (R) | Rates of tax (R) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 – 237 100 | 18% of taxable income | |||||||||
| 237 101 – 370 500 | 42 678 + 26% of taxable income above 237 100 | |||||||||
| 370 501 – 512 800 | 77 362 + 31% of taxable income above 370 500 | |||||||||
| 512 801 – 673 000 | 121 475 + 36% of taxable income above 512 800 | |||||||||
| 673 001 – 857 900 | 179 147 + 39% of taxable income above 673 000 | |||||||||
| 857 901 – 1 817 000 | 251 258 + 41% of taxable income above 857 900 | |||||||||
| 1 817 001 and above | 644 489 + 45% of taxable income above 1 817 000 | |||||||||
Tax Rebates
22 February 2023 – See changes from last year:
| Tax Rebate | Tax Year | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
| Primary | R17 235 | R16 425 | R15 714 | R14 958 | R14 220 | R14 067 | R13 635 | R13 500 | R13 257 | R12 726 |
| Secondary (65 and older) | R9 444 | R9 000 | R8 613 | R8 199 | R7 794 | R7 713 | R7 479 | R7 407 | R7 407 | R7 110 |
| Tertiary (75 and older) | R3 145 | R2 997 | R2 871 | R2 736 | R2 601 | R2 574 | R2 493 | R2 466 | R2 466 | R2 367 |
Tax Thresholds
22 February 2023 – See changes from last year:
| Age | Tax Year | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
| Under 65 | R95 750 | R91 250 | R87 300 | R83 100 | R79 000 | R78 150 | R75 750 | R75 000 | R73 650 | R70 700 |
| 65 and older | R148 217 | R141 250 | R135 150 | R128 650 | R122 300 | R121 000 | R117 300 | R116 150 | R114 800 | R110 200 |
| 75 and older | R165 689 | R157 900 | R151 100 | R143 850 | R136 750 | R135 300 | R131 150 | R129 850 | R128 500 | R123 350 |
2What are the interest exemptions?
This interest exemption has remained unchanged for a number of years and for the 2024 tax year is set at R23 800 for individuals under 65 years old, and R34 500 for individuals 65 years and older.
3Medical Aid Tax Formula
| 2023/2024 year of assessment (1 March 2023 – 29 February 2024) | 2022/2023 year of assessment (1 March 2022 – 28 February 2023) | 2021/2022 year of assessment (1 March 2021 – 28 February 2022) | 2020/2021 year of assessment (1 March 2020 – 28 February 2021) | 2019/2020 year of assessment (1 March 2019 – 29 February 2020) |
|---|---|---|---|---|
| R364 per month for the taxpayer who paid the medical scheme contributions; or for a dependant who is a member or a dependant of a member of a medical scheme or fund, where the taxpayer him- or herself is not a member of a medical scheme or fund. | R347 per month for the taxpayer who paid the medical scheme contributions; or for a dependant who is a member or a dependant of a member of a medical scheme or fund, where the taxpayer him- or herself is not a member of a medical scheme or fund. | R332 per month for the taxpayer who paid the medical scheme contributions; or for a dependant who is a member or a dependant of a member of a medical scheme or fund, where the taxpayer him- or herself is not a member of a medical scheme or fund. | R319 per month for the taxpayer who paid the medical scheme contributions; or for a dependant who is a member or a dependant of a member of a medical scheme or fund, where the taxpayer him- or herself is not a member of a medical scheme or fund. | R310 per month for the taxpayer who paid the medical scheme contributions; or for a dependant who is a member or a dependant of a member of a medical scheme or fund, where the taxpayer him- or herself is not a member of a medical scheme or fund. |
| R728 per month for the taxpayer and one dependant; or R728 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund. | R694 per month for the taxpayer and one dependant; or R694 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund. | R664 per month for the taxpayer and one dependant; or R664 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund. | R638 per month for the taxpayer and one dependant; or R638 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund. | R620 per month for the taxpayer and one dependant; or R620 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund. |
| R246 per month for each additional dependant | R234 per month for each additional dependant | R224 per month for each additional dependant | R215 per month for each additional dependant | R209 per month for each additional dependant |
4Retirement Fund Tax Deduction
Total contributions to retirement funds (Pension, Provident & RAF) are deductible but limited to 27.5% of the greater of remuneration or taxable income (excluding lump sums), capped at an annual limit of R350 000.
5Tax Free Savings Account
There is a limit to how much you can put away in tax-free savings or investments. Your annual contribution may not exceed R36,000 in an annual tax period as defined by SARS and your lifetime contribution may not exceed R500,000.
6Find a Source Code
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