Transcription of TAX GUIDE
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TAX GUIDE
1. BUDGET. TAX GUIDE . 2022. 1. This SARS tax pocket GUIDE provides a synopsis of the most important tax, duty and levy related information for 2022/23. INCOME TAX: INDIVIDUALS AND TRUSTS. Tax rates from 1 March 2022 to 28 February 2023: Individuals and special trusts Taxable Income (R) Rate of Tax (R). 1 226 000 18% of taxable income 226 001 353 100 40 680 + 26% of taxable income above 226 000. 353 101 488 700 73 726 + 31% of taxable income above 353 100. 488 701 641 400 115 762 + 36% of taxable income above 488 700. 641 401 817 600 170 734 + 39% of taxable income above 641 400. 817 601 1 731 600 239 452 + 41% of taxable income above 817 600. 1 731 601 and above 614 192 + 45% of taxable income above 1 731 600. Trusts other than special trusts: rate of tax 45%. Rebates Primary R16 425. Secondary (Persons 65 and older) R9 000. Tertiary (Persons 75 and older) R2 997. Age Tax Threshold Below age 65 R91 250.
Provisional tax returns showing an estimation of total taxable income for the year of assessment are required from provisional taxpayers. Deceased estates are not provisional taxpayers. Retirement fund lump sum withdrawal benefits Taxable income (R) Rate of tax (R) 1 – 25 000 0% of taxable income 25 001 - 660 000 18% of taxable income above ...
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