Budget Speech Net Pay Comparison

Your SARS PAYE Post Budget Speech Net Pay Comparison

I’m sure most of you have heard the highlights of the recent Budget Speech thanks to the general influx of emails, blogs, posts, tweets and the like following the South African National Budget Speech.

We would like to show you what your actual take home salary will be with effect of March 2015.

Last year up until end February 2015 is represented in the 2015 column while March 2015 – February 2016 is represented in the 2016 column.

 

PAYE 2015 VS 2016 By Fraswa

PAYE 2015 VS 2016 (Click to view)

 

Sage’s Top 10 Budget Speech Highlights

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.

 

SARS’ prior PAYE Tables and Rebates for Individuals

2016 Tax Year (1 March 2015 – 29 February 2016)

​Taxable income (R)​Rates of tax (R)
​0 – 181 900​18% of each R1
​181 901 – 284 100​32 742 + 26% of the amount above 181 900
​284 101 – 393 200​59 314 + 31% of the amount above 284 100
​393 201 – 550 100​93 135 + 36% of the amount above 393 200
​550 101 – 701 300​149 619 + 39% of the amount above 550 100
​701 301 and above​208 587 + 41% of the amount above 701 300

 

2015 Tax Year (1 March 2014 – 28 February 2015)

​Taxable income (R)​Rates of tax (R)
0 – 174 550​​18% of each R1
​174 551 – 272 700​31 419 + 25% of the amount above 174 550
​272 701 – 377 450​55 957 +30% of the amount above 272 700
​377 451 – 528 000​87 382 + 35% of the amount above 377 450
​528 0001 – 673 100​140 074 +38% of the amount above 528 000
​673 101 and above​195 212 + 40% of the amount above 673 100

 

2014 Tax Year (1 March 2013 – 28 February 2014)

Taxable income (R)​​Rates of tax (R)
​0 – 165 600​18% of each R1
​165 601 – 258 750​29 808 + 25% of the amount above 165 600
​258 751 – 358 110​53 096 + 30% of the amount above 258 750
​358 111 – 500 940​82 904 + 35% of the amount above 358 110
​500 941 – 638 600​132 894 +38% of the amount above 500 940
​638 601 and above​185 205 + 40% of the amount above 638 600

 

2013 Tax Year (1 March 2012 – 28 February 2013)

​Taxable income (R)​Rates of tax (R)
​0 – 160 000​18% of each R1
​160 001 – 250 000​28 800 + 25% of the amount above 160 000
​250 001 – 346 000​51 300 + 30% of the amount above 250 000
​346 001 – 484 000​80 100 + 35% of the amount above 346 000
​484 001 – 617 000​128 400 + 38% of the amount above 484 000
​617 001 and above​178 940 + 40% of the amount above 617 000

2012 Tax Year (1 March 2011 – 29 February 2012)

​Taxable income (R)​Rates of tax (R)
0 – 150 000​​18% of each R1
​150 001 – 235 000​27 000 + 25% of the amount above 150 000
​235 001 – 325 000​48 250 + 30% of the amount above 235 000
​325 001 – 455 000​75 250 + 35% of the amount above 325 000
​455 001 – 580 000​120 750 + 38% of the amount above 455 000
​580 001 and above​168 250 + 40% of the amount above 580 000

 

Tax Rebates

Tax Rebate​​Tax Year​ ​ ​ ​ ​
​2016​2015​2014​2013​2012
​Primary​R13 257​R12 726​R12 080​R11 440​R10 755
​Secondary (65 and older)​R7 407​R7 110​R6 750​R6 390​R6 012
​Tertiary (75 and older)​R2 466​R2 367​R2 250​R2 130​R2 000

 

Tax Thresholds

Tax Year​ ​ ​ ​ ​
Person​2016​2015​2014​2013​2012
Under 65​R73 650​R70 700​R67 111​R63 556​R59 750
​65 an older​R114 800​R110 200​R104 611​R99 056​R93 150
​75 and older​R128 500​R123 350​R117 111​R110 889​R104 261

 

About the Author

fraswa – who has written posts on End 2 End Business Solutions.


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