News
Annual Budget Tax Highlights 2010
- R6.5bn Tax Relief to Individuals
Individuals younger than 65 earning a total of:
- R80 000 will pay tax at an average rate of 5.2% (save
R504)
- R250 000 will pay tax at an average rate of 17.6%
(save R1 614)
- R750 000 will pay tax at an average of 30.6%
(save R3 534)
Tax threshold for individuals younger than 65 will be R57
000
(R54 200 in 2009).
Tax threshold for individuals older than 65 will be R88 528
(R84 200 in 2009).
- Increased Interest Exemption
Annual exemption on interest earned
for inviduals younger than 65 is raised from R21 000 to R22 300.
Annual exemption on interest earned for inviduals older than 65
is raised from R30 000 to R32 000.
- Medical Expenses
Tax deductible portion of medical contributions to medical
schemes is increased for each of the first two beneficiaries
from R625 to R670 and for each additional beneficiary from R380
to R410.
- Fuel Levy Increase
On 7 April 2010
- The general fuel levy on petrol and diesel increases by
10 cents per litre as well as an additional 7.5 cents per
litre for the funding of the new petroleum pipeline between
Durban and Gauteng.
- The Road Accident Fund levy on petrol and diesel
increases by 8 cents per litre to 72 cents per litre.
- Excise Duties Focusing on the Environment
A flat rate carbon emissions tax is to be introduced on new
passenger vehicles from 1 September 2010.
