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The 2013/2014 Budget Speech was announced by Minister Pravin Gordhan on 27 February 2013.
Sage Pastel Payroll & HR’s Salary Tax Calculator has been developed in line with the changes announced in the annual Budget Speech. You simply enter your current monthly salary and allowances to view what your tax saving or liability will be in the 2013/2014 tax year.
|NEW! Check out the mobi salary tax calculator on your smart phone. Simply go to m.taxcalc.pastelpayroll.co.za|
In Pravin Gordhan’s 2013/2014 Budget Speech, he announces a practical Budget Speech outlining significant opportunities for change.
The Rates of Tax in respect of the 2013/2014 Tax Year are set out in the new tax tables, shown below.
|Taxable Income (R):||Rates of Tax:|
|0 – 165,600||18% of taxable income|
|165,601 – 258,750||R29,808 + 25% of taxable income above R165,600|
|258,751 – 358,110||R53,096 + 30% of taxable income above R258,750|
|358,111 – 500,940||R82,904 + 35% of taxable income above R358,110|
|500,941 – 638,600||R132,894 + 38% of taxable income above R500,940|
|638,601 and above||R185,205 + 40% of taxable income above R638,600|
|Monthly Medical Aid Tax Credits:|
|Each Additional Dependent||R162|
Medical Tax Credits:
Effective from 1 March 2012 the capping system was replaced with a medical aid tax credit, bringing in equality for all taxpayers under the age of 65 and improved benefits for lower earners, a move in line with international best practice. The medical aid capping system is also used in the 2013/14 tax year, commencing 01 March 2013. The medical aid tax credit is R242 a month for the first two beneficiaries (including the principal member) and R162 for each additional dependent thereafter.
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