What Is The Taxable Income Threshold For Individuals?
If you earn below the following amount of income per tax year (1 March 2016 to 28 Feb 2017) you will not have to pay tax.
Below 64 years =R75 000 per annum
65 years – 75 years =R116 150 per annum
75 years and over =R129 850 per annum
The reason this is tax-free is because if you take the rebate amount allowed and divide it by 18% (the lowest tax rate), the taxable income is as per the above.
Primary rebate (Below 64) =R13 500
Secondary Rebate (65 years – 75 years) =Primary rebate + R7407
Third rebate (75 years and over) =Primary rebate + Secondary rebate + R2466
This does not mean you don’t have to submit an income tax return.
Contact us at Contactus@anlofin.com or 0116581324 if you need us to assist you with your tax return or would like to find out more.