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2009 income tax changes: how they affect you

2009-02-12

Trevor Manuel lightens tax load for individuals - details of tax relief

Trevor Manuel lightens tax load for individuals - details of tax relief

Finance Minister Trevor Manuel has lightened the personal income tax load, proposing billions of rands worth of tax relief aimed at benefiting mostly those earning less than R500 000.

The 2009 national budget suggests about R13,6bn-worth of income tax rate and bracket adjustments to allow for the effects of inflation (bracket creep) as well as help put a bit more money back into cash-strapped consumers' pockets.

Those earning below R150 000 will receive 45% of the proposed benefit, earners in the R150 001 - R250 000 range will get about 22%; people with salaries of R250 001-R500 000 about 21%; and above-R500 000 earners will receive about 12% of the relief.

The South African Revenue Service estimates that:

  • The people with annual taxable income of between R250 001 and R500 000 (12,5% of registered individual taxpayers) are contributing 29% of personal income tax revenues in the 2009/2010 tax year; and
  • The 5,5% with annual taxable income above R500 000 will account for 38% of personal income tax revenues in the same period.

The tax-free threshold next year will be R54 200 for taxpayers under 65 years old and R84 200 for those who are older.

Manuel told his fellow Parliamentarians that it was "gratifying to note that there has again been excellent progress in expanding the number of registered taxpayers"

Source: Moneyweb


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