Budget Speech 2011-2012 and new tax tables
Feb
23
2011
The 2011/2012 Budget Speech was presented by the Minister of Finance, Pravin Gordhan on Wednesday, 23 February 2011. Some of the highlights include: Personal income tax relief of R8.1 billion, a third income tax rebate of R2 000 for individuals 75 years and older and conversion of medical tax deductions to tax credits from March 2012.
Below are the 2011/2012 tax tables that will be incorporated into PeopleWare:
Individuals and special trusts
| Taxable Income | Rate of Tax (R) |
|---|---|
| 0 - 150 000 | 18% of taxable income |
| 150 001 - 235 000 | 27 000 + 25% of taxable income above 150 000 |
| 235 001 - 325 000 | 48 250 + 30% of taxable income above 235 000 |
| 325 001 - 455 000 | 75 250 + 35% of taxable income above 325 000 |
| 455 001 - 580 000 | 120 750 + 38% of taxable income above 455 000 |
| 580 001 and above | 168 250 + 40% of taxable income above 580 000 |
Trusts other than special trusts: Rate of Tax - 40%
Tax Rebates
| Rebate | |
|---|---|
| Primary | R 10 755 |
| Secondary | R 6 012 |
| Tertiary | R 2 000 |
| Age | Tax Threshold |
|---|---|
| Below age 65 | R 59 750 |
| Age 65 to 75 | R 93 150 |
| Age 75 and over | R 104 261 |
