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.
Rebates available
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.