29 replies to this topic Post Order

[Wayne Potgieter]

Ok, so here are the new tax tables.

Taxable income ® Rates of tax
0 – 160 000 18% of each R1
160 001 – 250 000 R28 800 + 25% of the amount above R160 000
250 001 – 346 000 R51 300 + 30% of the amount above R250 000
346 001 – 484 000 R80 100 + 35% of the amount above R346 000
484 001 – 617 000 R128 400 + 38% of the amount above R484 000
617 001 and above R178 940 + 40% of the amount above R617 000
Tax Class Tax Rebates
Primary R11 440
Additional R6 390 (Persons 65 and older)
Tertiary R2 130 (Persons 75 and older)
Tax class Tax threshold
Below age 65 R63 556
Age 65 to below 75 R99 056
Age 75 and over R110 889

Does this then mean that my staff who earn less than R60K per annum and were previously not taxed, now are liable for 18% tax?

If so, i am going to have a mutiny on my hands.

Edited by Wayne_Potgieter2, 23 February 2012 - 09:31 .

[Reg Lizard]

****, if that is the case, I think a civil war is a beter description.

[lapa]

Not as far as I know, as the primary rebate will nullify any tax below R63,555,55. R63,555,55*18% = R11440 - R11440 = R0 Tax payable for the year

You can also see it in your own post:

Tax class Tax threshold
Below age 65 R63 556
Age 65 to below 75 R99 056
Age 75 and over R110 889

Edited by lapa, 23 February 2012 - 07:33 .

[Wayne Potgieter]

lapa, on 23 February 2012 - 07:32 , said:

Not as far as I know, as the primary rebate will nullify any tax below R63,555,55. R63,555,55*18% = R11440 - R11440 = R0 Tax payable for the year

You can also see it in your own post:

Tax class Tax threshold
Below age 65 R63 556
Age 65 to below 75 R99 056
Age 75 and over R110 889

Ahh, that makes sense.

Thanks, was getting worried i was going to get hung drawn and quartered.

[Disylizzy]

I have a slightly dumb question - are you taxed on your income only, or your whole package by your employer?

[Caerus]

I've missed all these goings on, does this mean I will pay more or less tax now?

[Wayne Potgieter]

Caerus, on 23 February 2012 - 07:44 , said:

I've missed all these goings on, does this mean I will pay more or less tax now?

I am no accountant, but it looks like less.

try this

http://www.oldmutual...calculator.aspx

Edited by Wayne_Potgieter2, 23 February 2012 - 07:49 .

[kosmonooit]

Tax Year 2013 Tables ?- Tax Year 2012 is almost done.

[Wayne Potgieter]

kosmonooit, on 23 February 2012 - 07:51 , said:

Tax Year 2013 Tables ?- Tax Year 2012 is almost done.

Um,,,ja, that thing

[lapa]

You are taxed on your taxable income. So if your cost to company is R20 000, there are certain things that get deducted before they calculate tax, for instance your medical aid contribution and pension contribution etc.

So that makes your taxable income for instance R15000 and that is what they do the calculation on.

You will be paying less tax as the brackets have been moved. Have a look here below the table is a calculator where you can put in you monthly taxable income(have a look on your payslip what that is). It will then give you the difference from yesterdays anouncement.

[Wayne Potgieter]

kosmonooit, on 23 February 2012 - 07:51 , said:

Tax Year 2013 Tables ?- Tax Year 2012 is almost done.

How do you edit a thread title?

[lapa]

Wayne_Potgieter2, on 23 February 2012 - 07:38 , said:

Ahh, that makes sense.

Thanks, was getting worried i was going to get hung drawn and quartered.

Pleasure

[Wayne Potgieter]

Holy cow, i am having a rough morning.

Where is my coffee???

[NotSoBigBen]

Caerus, on 23 February 2012 - 07:44 , said:

I've missed all these goings on, does this mean I will pay more or less tax now?

I am just 'Joe Average' but my understanding is you pay less tax but for sure you will pay more for everything else (booze, gwaais, tolls, petrol hence everything) so at the end of the day you/we LOSE!

And your employesr will off you an 'inflation' based increase if you're lucky and that won't help ease it either ....

[Disylizzy]

lapa, on 23 February 2012 - 07:53 , said:

You are taxed on your taxable income. So if your cost to company is R20 000, there are certain things that get deducted before they calculate tax, for instance your medical aid contribution and pension contribution etc.

So that makes your taxable income for instance R15000 and that is what they do the calculation on.

You will be paying less tax as the brackets have been moved. Have a look here below the table is a calculator where you can put in you monthly taxable income(have a look on your payslip what that is). It will then give you the difference from yesterdays anouncement.

Thanks! It takes me in to a lower tax bracket!

[kosmonooit]

lapa, on 23 February 2012 - 07:53 , said:

You are taxed on your taxable income. So if your cost to company is R20 000, there are certain things that get deducted before they calculate tax, for instance your medical aid contribution and pension contribution etc.

Medical Aid Deductions are no more! although some other rebate scheme now. And company contributions are subject to fringe benefit tax. This is after they put a limit to what you can deduct anyway.