The 2015/2016 Budget Speech was announced by Finance Minister Nhlanhla Nene on 25 February 2015. This page details insights, tax tables, tax guides and transcripts.
Budget speech highlights
- Personal income tax rates, rebates and thresholds have been increased.
- UIF earnings threshold is proposed to be limited at a maximum of R1000.00 per month for the year 2015/2016.
- Micro business tax rates for turnover tax has been decreased.
- Local subsistence allowance has been set to R353.00 per day for meals & incidental costs and R109.00 for incidental costs only.
- Employment Tax Incentive calculations have been amended to include employees not working a full month.
- Retirement Reform has been postponed, preliminarily until 1 March 2016.
- Transfer duty rates and brackets have been amended to provide relief for middle-income households.
FREE online salary tax calculator
Want to know whether the 2015/2016 Budget Speech will cost you more at the end of every month?
You can simply check online with our latest salary tax calculator. All you need to do is to simply enter your current monthly salary and your monthly or annual allowances.
You will then be able to view what your tax saving or liability will be in the 2015/2016 tax year.
New tax rates and legislation
The rates of tax in respect of the 2015/2016 tax year are set out in the tax table below.
|Taxable Income (R):||Rates of Tax:|
|0 – 181,900||18% of taxable income|
|181,901 – 284,100||R32,742 + 26% of taxable income above R181,900|
|284,101 – 393,200||R59,314+ 31% of taxable income above R284,100|
|393,201 – 550,100||R93,135 + 36% of taxable income above R393,200|
|550,101 – 701,300||R149,619 + 39% of taxable income above R550,100|
|701,301 and above||R208,587 + 41% of taxable income above R701,300|
Online Travel Logbook
Online Our SARS compliant online travel logbook allows you to keep track of your travel claims throughout the year and view a summary at the end of the tax year. All you need to do is simply enter your kilometres travelled, destination details and rate of reimbursement, easy!
Remember to sms your car’s kilometre reading as on 28 February 2015 to your own cellphone for safe keeping.
Read the Budget Speech Transcript
To read the 2015/2016 Budget Speech, click here.