sars budget 2013 pocket guide

7/28/2019 SARS Budget 2013 Pocket Guide

1/2

This SARS tax guide has been developed to provide a synopsis ofthe most important tax, duty and levy related information.

INCOME TAX: INDIVIDUALS AND TRUSTS

Tax rates (year o assessment ending 28 February 2014)

Individuals and special trusts

TaxableIncome(R) Rate o Tax (R)

0 16 5 6 00 1 8% o ta xa bl e i nc om e

165 601 258 750 29 808 +25% o taxable income above165 600

258 751 358 110 53 096 +30% o taxable income above258 750

358 111 500 940 82 904 +35% o taxable income above 358 110

500 941 638 600 132 894 +38% o taxableincomeabove 500 940

638 601 and above 185 205 +40% o taxableincomeabove 638 600

Trusts other than special trustsRate o Tax 40%

Tax RebatesRebatesPrimary R12 080Secondary (Persons 65 and older) R6 750

Tertiary (Persons 75 and older) R2 250

Tax ThresholdsAge Tax ThresholdBelow age 65 R67 111

Age 65 to below 75 R104 611Age 75 and over R117 111

Provisional TaxAprovisionaltaxpayeris anypersonwho earnsincomeother thanremunerationoran allowanceoradvancepayableby thepersonsprincipal. Theollowing

individualsareexempt romthe paymento provisionaltax Individualsbelowtheageof65whodonotcarryonabusinessand

whose taxable income

will not exceed the tax threshold or the tax year; or

rom interest, oreign dividends and rental will be R20 000 or less

or the tax year. Individualsage65andolderiftheirtaxableincomeforthetaxyear

consists exclusively o remuneration, interest, oregin dividends orrent rom the letting o xed property; and

is R120 000 or less.A provisional tax return showing an estimation o total taxable income orthe year o assessment is only to be submitted i the Commissioner or

SARS so requires.

Retirement und lump sum withdrawal benefts

Taxable Income (R) Rate o Tax (R)

0 22 50 0 0% o tax abl e i nco me

22 501 - 600 000 18% o taxable incomeabove 22 500

600 001 - 900 000 103950+ 27%otaxableincomeabove600000

900 001 and above 184950+ 36%otaxableincomeabove900000

Retirementundlumpsumwithdrawalbenetsconsisto lumpsumsromapension,pension preservation,provident,provident preservationor retirement

annuityund onwithdrawal (includingassignmentin termso adivorce order).Taxona specicretirementundlump sumwithdrawalbenet (X)is equalto tax determined by applying the tax table to the aggregate o that lump

sum X plus all other retirement und lump sum withdrawal benetsaccruing rom March 2009, all retirement und lump sum benets

accruing rom October 2007 and all severance benets accruing romMarch 2011; less

7/28/2019 SARS Budget 2013 Pocket Guide

2/2

acquiredbytheemployerunderanoperatingleasethetaxablevalue

iscostincurredbytheemployerundertheoperatingleaseplusthecostouel.

80% o the ringe benet must be included in the employeesremuneration or the purposes o calculating PAYE. The percentage isreduced to 20% i the employer is satised that at least 80% o theuse o the motor vehicle or the tax year will be or business purposes.

On assessment the ringe benet or the tax year is reduced by theratio o the distance travelled or business purposes substantiated by

a log book divided by the actual distance travelled during the tax year. On assessment urther relie is available or the cost o licence,

insurance, maintenance and uel or private travel i the ull costthereo has been borne by the employee and i the distance travelledor private purposes is substantiated by a log book.

Interest-reeor low-interestloansThedierencebetweeninterestchargedat theocialrateand theactualamounto interestcharged,is tobeincludedingrossincome.

Residential accommodationTheringebenettobeincludedingrossincomeisthegreaterothebenetcalculatedbyapplyingaprescribedormulaorthecost totheemployer

Theormulawillapplyitheaccommodationisownedby theemployer,byanassociatedinstitutioninrelationtotheemployer,or undercertainlimitedcircumstanceswhereitisnot ownedbytheemployer.

DIVIDENDS TAX

Dividends tax is imposed at 15% on dividends paid by residentcompanies and by non-resident companies in respect o shares listed onthe JSE. Dividends are tax exempt i the benecial owner o the dividend

is a South Arican company, retirement und or other exempt person.The tax is to be withheld by companies paying the taxable dividends orby regulated intermediaries in the case o dividends on listed shares.

INCOME TAX: COMPANIES

Financialyearsendingonany datebetween1 April2013and31March2014

Type Rate o Tax

Companies 28%

INCOME TAX: SMALL BUSINESS CORPORATIONS


TaxableIncome(R) RateoTax(R)

0 67 111 0% o taxabl ei ncome

67112365000 7%o taxable incomeabove67111

365001550000 20852+21%otaxableincomeabove365000

550001andabove 59702+28%otheamountabove550000

TURNOVER TAX FOR MICRO BUSINESSES


Taxableturnover(R) Rateotax(R)

0 15 00 00 0 %o ta xa bl e tu rn ov er

150001300000 1%otaxableturnoverabove150000

300001500000 1500+2%otaxableturnoverabove300000

500001750000 5500+4%otaxableturnoverabove500000

750001andabove 15500+6%otaxableturnoverabove750000

RESIDENCE BASIS OF TAXATION

Residents are taxed on their worldwide income, subject to certainexclusions. Foreign taxes on that income are allowed as a credit againstSouth Arican tax payable. This is applicable to individuals, companies, close

corporations and trusts.SARSPOCKETGUIDE

sars budget 2013 pocket guide

Documents