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The 2014 Budget Speech in a nutshell

The 2014/2015 budget speech was announced by Pravin Gordhan on 26 February 2014. This page details the insights, tax tables, tax guides and transcripts for the 2014/15 Budget Speech. Please click on the relevant quick link below.

> Check your tax (FREE salary tax calculator)
> New tax rates (tax tables)
> 2014 tax guide
> Budget speech highlights
> Budget Speech infographic
> Transcript
> Book a seat at our seminar
> 2014/15 budget speech commentary (article)

People’s guide to the budget:   English   |   Afrikaans   |   Xhosa   |   Tswana   |   Zulu


Check your tax (FREE salary tax calculator)

Want to know how the 2014/2015 Budget Speech affects your pocket? Try our online salary tax calculator, which was developed in line with the 2014 Budget Speech changes. You simply enter your current monthly salary and allowances to view what your tax saving or liability will be in the 2014/ 2015 tax year. You can also check out our mobi salary tax calculator on your smart phone. Simply go to m.taxcalc.pastelpayroll.co.za.


New tax rates and legislation

The rates of tax in respect of the 2014/2015 tax year are set out in the new tax tables, see below or click here.

Taxable Income (R): Rates of Tax:
0 – 174,550 18% of taxable income
174,551 – 272,700 R31,419 + 25% of taxable income above R174,550
272,701 – 377,450 R55,957+ 30% of taxable income above R272,700
377,451 – 528,000 R87,382 + 35% of taxable income above R377,450
528,001 – 673,100 R140,074 + 38% of taxable income above R528,000
673,101 and above R195,212 + 40% of taxable income above R673,100
 
Rebates:
Tax Thresholds:
Below age 65: Age 65 and below 75: Age 75 and over:
R12,726 R7,110 R2,367
R70,700 R110,200 R123,350
Monthly Medical Aid Tax Credits Value
Principal member R257
First dependent R257
Each additional dependent R172

2014 Tax guide

For an outline of the changes in the rates of tax as announced in the 2014 Budget Speech, download our tax guide.

   


Budget speech highlights

  • Personal income tax rates adjusted to compensate for the effects of inflation.
  • Personal income tax relief amounts to 9.25 billion. 40% of the relief goes to South Africans earning below R250,000 per year.
  • To align the treatment of company car fringe benefits, it is proposed that the actual retail market value only be used. It is also proposed to treat employees who bear costs of fuel & maintenance more equitably.
  • It is proposed that the first R500,000 of retirement lump-sum is tax free, up from R315,000.
  • National Health Insurance white papers will be tabled soon.
  • Unemployment benefits proposed to be extended to 365 days.
  • There is a clear strategy for youth development and employment – employment tax incentive, special economic zones, industrial incentives, support for agriculture
  • The deemed rate per kilometre increased with 6 cents to R3,30/km.
  • RSA subsistence values are now R335/day for meals & incidentals and R103 for incidentals only for travel inside the RSA.
  • Medical tax credits are now R257 for the main members & 1st dependent and R172 for additional dependents.

Transcript

The 2014 budget speech transcript gives a detailed account of the changes made in this year’s budget speech.


Book a seat at our 2014 Annual Payroll Tax Seminar

Ensure you are up-to-date with all the important payroll legislation changes announced in the annual Budget Speech by attending our informative morning seminar, presented by payroll tax expert, Rob Cooper.

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