The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?
To better understand the impact of the Budget on you and your business, here is a selection of official SARS Tax Tables, then follow the link to Fin 24’s Budget Calculator to do your own calculation.
The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?
To better understand the impact of the Budget on you and your business, here is a selection of official SARS Tax Tables, then follow the link to Fin 24’s Budget Calculator to do your own calculation.
Businesses – corporate tax rates unchanged*
| CORPORATE TAXES | ||
| Type | Taxable Income (R) / Taxable Turnover (R)* | Rate of Tax (R) |
| Companies – Income Tax | All | *Unchanged at 27% of taxable income for companies with years of assessment ending between 1 April 2023 and 31 March 2024; down from 28% for other companies. |
| Small Business Corporations – Income Tax | 1 – 95 750 | 0% of taxable income |
| Small Business Corporations – Income Tax | 95 751 – 365 000 | 7% of taxable income above 95 750 |
| Small Business Corporations – Income Tax | 365 001 – 550 000 | 18 848 + 21% of taxable income above 365 000 |
| Small Business Corporations – Income Tax | 550 001 and above | 57 698 + 27% of the amount above 550 000 |
| Micro Businesses – Turnover Tax | 1 – 335 000* | 0% of taxable turnover |
| Micro Businesses – Turnover Tax | 335 001 – 500 000* | 1% of taxable turnover above 335 000 |
| Micro Businesses – Turnover Tax | 500 001 – 750 000* | 1 650 + 2% of taxable turnover above 500 000 |
| Micro Businesses – Turnover Tax | 750 001 and above* | 6 650 + 3% of taxable turnover above 750 000 |
Source: SARS’ Budget Tax Guide 2023
Individual taxpayers – tax tables adjusted
| INDIVIDUAL TAXES | |
| Taxable Income (R) | Rate of Tax (R) |
| 1 – 237 100 | 18% of taxable income |
| 237 101 – 370 500 | 42 678 + 26% of taxable income above 237 100 |
| 370 501 – 512 800 | 77 362 + 31% of taxable income above 370 500 |
| 512 801 – 673 000 | 121 475 + 36% of taxable income above 512 800 |
| 673 001 – 857 900 | 179 147 + 39% of taxable income above 673 000 |
| 857 901 – 1 817 000 | 251 258 + 41% of taxable income above 857 900 |
| 1 817 001 and above | 644 489 + 45% of taxable income above 1 817 000 |
Source: SARS
| INDIVIDUAL TAX REBATES
| ||
| Type | 2024 | 2023 |
| Primary | R17 235 | R16 425 |
| Secondary (65 and older) | R9 444 | R9 000 |
| Tertiary (75 and older) | R3 145 | R2 997 |
Source: SARS
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
