Panorama demográfico
HALLAZGOS RELEVANTES
2.13.1 Taxable income (excluding any retirement lump sum benefit, retirement fund lump sum withdrawal benefit or severance benefit) of any natural person, deceased estate, insolvent estate or special trust
Any year of assessment commencing on 1 March 2014 or ending on 28 February 2015
Taxable income Rate of tax
Not exceeding R174 550 18% of taxable income
Exceeding R174 550 but not exceeding R272 700
R31 419 plus 25% of the amount by which taxable income exceeds R174 550
Exceeding R272 700 but not exceeding R377 450
R55 957 plus 30% of the amount by which taxable income exceeds R272 700
Exceeding R377 450 but not exceeding R528 000
R87 382 plus 35% of the amount by which taxable income exceeds R377 450
Exceeding R528 000 but not exceeding R673 100
R140 074 plus 38% of the amount by which taxable income exceeds R528 000
Exceeding R673 100 R195 212 plus 40% of the amount by
which taxable income exceeds R673 100
Income tax thresholds (natural persons only) Amount
Below the age of 65 years R70 700
Age 65 years or older R110 200
Age 75 years or older R123 350
(a) Lump sum benefits from retirement funds
There are two categories of lump sum benefits –
(i) retirement fund lump sum withdrawal benefits; and (ii) retirement fund lump sum benefits.
A retirement fund lump sum benefit refers to a lump sum from a pension, pension preservation, provident, provident preservation or retirement annuity fund upon either –
(i) retirement or death; or
(ii) termination or loss of employment due to redundancy or an employer ceasing trade.
46
Guide on the Ring-Fencing of Assessed Losses Arising from Certain Trades Conducted by Individuals dated 8 October 2010.
A retirement fund lump sum withdrawal benefit is any other lump sum from any fund mentioned above.
The amounts of R25 000 and R500 000 in the two tables below, that is, where the lump sum payments become taxable, are only availably once for a taxpayer. Lump sum benefits must be aggregated to ensure that this is achieved – since 1 October 2007 for retirement fund lump sum benefits, and since 1 March 2009 for retirement fund lump sum withdrawal benefits.
Once all lump sum benefits are aggregated, the tax due is calculated in accordance with the respective tables below. Tax payable on previous lump sums is deducted from the total tax payable to arrive at the tax payable on the current lump sum.
(i) Taxable income from retirement fund lump sum withdrawal benefit that accrues to a person in any year of assessment commencing on or after 1 March 2014
Taxable income from lump sum benefits Rate of tax
Not exceeding R25 000 0% of taxable income
Exceeding R25 000 but not exceeding R660 000 18% of taxable income
exceeding R25 000
Exceeding R660 000 but not exceeding R990 000 R114 300 plus 27% of taxable income exceeding R660 000
Exceeding R990 000 R203 400 plus 36% of taxable
income exceeding R990 000
(ii) Taxable income from retirement fund lump sum benefit that accrues to a person in any year of assessment commencing on or after 1 March 2014
Taxable income from lump sum benefits Rate of tax
Not exceeding R500 000 0% of taxable income
Exceeding R500 000 but not exceeding R700 000 18% of taxable income exceeding R500 000 Exceeding R700 000 but not exceeding
R1 050 000
R36 000 plus 27% of taxable income exceeding R700 000
Exceeding R1 050 000 R130 500 plus 36% of taxable
income exceeding R1 050 000
(iii) Taxable income from severance benefit that accrues to a person in any year of assessment commencing on or after 1 March 2014
Taxable income from lump sum benefits Rate of tax
Not exceeding R500 000 0% of taxable income
Exceeding R500 000 but not exceeding R700 000 18% of taxable income exceeding R500 000 Exceeding R700 000 but not exceeding
R1 050 000
R36 000 plus 27% of taxable income exceeding R700 000
Exceeding R1 050 000 R130 500 plus 36% of taxable
2.13.2 Taxable income of trusts (other than special trusts or public benefit organisations that are trusts)
Any year of assessment commencing on 1 March 2014 or ending on 28 February 2015
Taxable income Rate of tax
On each rand of taxable income 40%
2.13.3 Taxable income of corporates
(a) Companies (standard) or close corporations
Any year of assessment ending during the 12-month period ending on 31 March 2015
Taxable income Rate of tax
On each rand of taxable income 28%
(b) Small business corporations (SBCs)
Any year of assessment ending during the 12-month period ending on 31 March 2015
Taxable income Rate of tax
Not exceeding R70 700 0% of taxable income
Exceeding R70 700 but not exceeding R365 000
7% of the amount by which taxable income exceeds R70 700
Exceeding R365 000 but not exceeding R550 000
R20 601 plus 21% of the amount by which taxable income exceeds R365 000
Exceeding R550 000 R59 451 plus 28% of the amount by
which taxable income exceeds R550 000
(c) Micro businesses (turnover tax)
Any year of assessment ending during the 12-month period ending on 31 March 2015
Taxable turnover Rate of tax
Not exceeding R150 000 0% of taxable turnover
Exceeding R150 000 but not exceeding R300 000
1% of the amount by which taxable turnover exceeds R150 000
Exceeding R300 000 but not exceeding R500 000
R1 500 plus 2% of the amount by which taxable turnover exceeds R300 000 Exceeding R500 000 but not exceeding
R750 000
R5 500 plus 4% of the amount by which taxable turnover exceeds R500 000
Exceeding R750 000 R15 500 plus 6% of the amount by which
(d) Mining companies
Companies mining for gold (taxed according to the following formula “gold mining tax formula”)
Any year of assessment ending during the 12-month period ending on 31 March 2015 y = 34 – 170/x
Where:
y = rate of tax to be levied
x = the ratio expressed as a percentage
Taxable income from gold mining Total revenue (turnover) from gold mining
(e) Oil and gas companies
The rate of tax on taxable income derived from oil and gas income by any oil and gas company will not exceed 28% on each rand of taxable income for the year of assessment ending during the 12-month period ending on 31 March 2015.
For more information see paragraph 2 of the Tenth Schedule.
(f) Other mining companies
The rates applicable to ordinary companies, namely, 28% also apply to all mining companies, other than companies mining for gold for the year of assessment ending during the 12-month period ending on 31 March 2015.
(g) Insurance companies
• Long-term insurance companies – Four fund basis
Any year of assessment ending during the 12-month period ending on 31 March 2015
Four funds Rate of tax
Corporate fund 28% of taxable income
Individual policyholder fund 30% of taxable income
Company policyholder fund 28% of taxable income
Untaxed policyholder fund: ■ Retirement fund business ■ Other
(abolished from 1 March 2007) 0% of taxable income
• Short-term insurance companies
Companies carrying on a short-term insurance business are taxed at the same rate as is applicable to standard companies, namely, 28% for the year of assessment ending during the 12-month period ending on 31 March 2015.
(h) Tax holiday companies
A tax holiday company is a company which qualified for a “tax holiday status” under section 37H. Companies could only apply for approval, for tax holiday status, until 30 September 1999.
Any year of assessment ending during the 12-month period ending on 31 March 2015
Taxable income Rate of tax
On each rand of taxable income 0%
2.13.4 Taxable income of public benefit organisations (PBOs) or recreational clubs
The tax rates below are applicable to a PBO which is approved under section 30(3), or recreational club which is approved under section 30A(2).
A PBO is partially taxable on its trading receipts as from its first tax year commencing on or after 1 April 2006.
A recreational club is partially taxable on its trading receipts as from its first tax year commencing on or after 1 April 2007.
(a) If the PBO or recreational club is a company
Any year of assessment ending during the 12-month period ending on 31 March 2015
Taxable income Rate of tax
On each rand of taxable income 28%
(b) If the PBO is a trust
Any year of assessment commencing on 1 March 2014 or ending on 28 February 2015
Taxable income Rate of tax
On each rand of taxable income 28%