Transcription of Tax Guide 2011/12 - Moore Stephens
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Tax Guide 2011/12 - Moore Stephens
Tax Guide 2011 /122 BUDGET PROPOSALS INDIVIDUAL TAXTax BracketsThe primary rebate has been increased from R10,260 to R10,755 a year for all individuals. The secondary rebate has increased from R5,675 to R6,012 a year for individuals aged 65 and over. A third rebate, which applies to individuals aged 75 years and over, is introduced at R2,000 per upper income bracket has been increased from R552,000 in 2011 to R580, Scheme ContributionsFrom 1 March 2011 , the tax deductable portion of monthly contributions to medical schemes is increased for each of the two beneficiaries from R670 to R720 and for each additional beneficiary from R410 to annual exemption on interest earned for individuals under 65 years of age has increased from R22,300 to R22.
7 TAXATION OF LUMP SUM BENEFITS FROM FUNDS Taxable Amount Rate of tax Retirement or death 0 - R315,000 0% R315,001 – R630,000 18% of
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