Tax: What’s up and what’s not
If your meals are paid for by your employer, you can now deduct up to R134 a day for incidental costs
Finance minister Tito Mboweni announced no changes to the following taxes: Dividends tax, which remains at 20%. Interest exemptions, which remain at R23,800 for individuals under the age of 65 and R34,500 for individuals aged 65 and over. Retirement fund contributions, which remain at 27.5% of taxable income or remuneration up to R350,000. Capital gains tax inclusion rates and exemptions, with the effective rates remaining at: Individuals and special trusts: 18% Companies: 22.4% Other trusts: 36% Annual exclusion for individuals remains R40,000: Estate duty — the rate remains at 20% on the first R30m and 25% on estates over R30m, with a basic deduction of R3.5m. Donations tax — the rate remains 20% of property under R30m and 25% of property over the value of R30m. The first R100,000 is exempt. Companies tax remains at 28%. Transfer duty — the rate remains 0% for properties under R900,000. Thereafter, a sliding scale applies from 3% of the value above R900,000. Lump sum retirement fu...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.