The distinctions made between married and unmarried persons, and between married persons and married women, have been abolished.
In general, individuals earning less than R50 000 a year from employment are not required to file tax returns if they and their spouse do not have taxable investment income.
The once-only levy of 5% on taxable income that exceeds R50 000 would apply also to individuals. A levy of 3,33% was imposed for the 1995 tax year, and a further levy of 1,67% is imposed for the 1996 tax year.
The tables of rates for individuals and for trusts for years of assessment ending on 28 February 1997, are as follows -
INDIVIDUALS TAXABLE INCOME (R) RATES OF TAX 0 - 15 000 17% of each R1 15 001 - 20 000 2 550 + 19% of the amount over 15 000 20 001 - 30 000 3 500 + 21% of the amount over 20 000 30 001 - 40 000 5 600 + 30% of the amount over 30 000 40 001 - 60 000 8 600 + 41% of the amount over 40 000 60 001 - 80 000 16 800 + 43% of the amount over 60 000 80 001 - 100 000 25 400 + 44% of the amount over 80 000 100 000 and over 34 200 + 45% of the amount over 100 000 TRUSTS TAXABLE INCOME (R) RATES OF TAX 0 - 5 000 17% of each R1 5 000 - 10 000 850 + 19% of the amount over 5 000 10 000 - 15 000 1 800 + 21% of the amount over 10 000 15 000 - 20 000 2 850 + 24% of the amount over 15 000 20 000 - 30 000 4 050 + 28% of the amount over 20 000 30 000 - 40 000 6 850 + 36% of the amount over 30 000 40 000 - 50 000 10 450 + 41% of the amount over 40 000 50 000 - 60 000 14 550 + 42% of the amount over 50 000 60 001 - 70 000 18 750 + 43% of the amount over 60 000 70 001 - 100 000 23 050 + 44% of the amount over 70 000 100 000 and over 36 250 + 45% of the amount over 100 000
For further information please contact: Werksmans Attorneys Werksmans Chambers, 22 Girton Road, Parktown, Johannesburg 2193 or P.O. Box 927, Johannesburg 2000 South Africa Enquiries: Mr Charles Butler Telephone 27 (011) 488-0000 Telefax 27 (011) 484-3100/3200 E-Mail Address cbutler@werksmans.co.za
