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Minimum threshold for tax deduction and applicable rate

Posted 10 November 2015 under Tax Questions



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Fix says:
9 November 2015 at 16:44

What is the minimum threshold for tax deduction and the applicable tax rate

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TaxTimTaxTim says:
9 November 2015 at 16:49

There is no minimum for a tax deduction, you are able to deduct any allowable amounts from your income.


Fix says:
10 November 2015 at 15:48

This assumes that everyone can be taxed, but I thought there must be some kind of threshold whereby below a certain income level you are not taxed. Is this assumption incorrect?


TaxTimTaxTim says:
10 November 2015 at 15:59

We thought you were referring to tax deductions as in what can be taken off your actual taxable income. The minimum threshold for the 2015 tax year was R70 700 whereafter tax will be paid at average rates from 18% -41%. You can make use of our SARS income tax calculator to work out what you should be paying.


Fix says:
10 November 2015 at 16:45

Thank you for the concise response


TaxTimTaxTim says:
10 November 2015 at 17:42

Only a pleasure!


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