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Saturday, February 27th, 2021

 

2020/21 RATES OF TAX FOR INDIVIDUALS

If your earnings for a given tax year are above the tax threshold, you are obliged by law to register for income tax. You must register for income tax, if you are an individual: For the 2018 year of assessment (1 March 2017 – 28 February 2018) R70 700 if you are younger than 65 years. If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R110 200. For taxpayers aged 75 years and older, this threshold is R123 350.Read More