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TaxTim says: 29 March 2022 at 8:59 The tax threshold is the amount of income below which you do not pay any income tax. These thresholds are also determined by the age of the taxpayer and change by tax year. If your annual income is above this amount, you must pay income tax, and if you are permanently employed, your employer will deduct your tax from your salary or wages in the form of PAYE (pay as you earn). Please note that if the income amount is below the income threshold it is still very important to submit your tax returns. Tax Thresholds: Taxpayer age: 2023 2022 Under 65: R91 250 R 87 300 65 and older: R141 250 R 135 150 75 and older: R157 900 R 151 100 As soon as you exceed the above-mentioned amounts you will be taxed according to the SARS tax tables. The 2022 individual tax table looks as follow: (1 March 2021 - 28 February 2022) Taxable income (R) ​Rates of tax (R) 1 – 216 200 18% of taxable income 216 200 – 337 800 38 916 + 26% of taxable income above 216 200 337 801 – 467 500 70 532 + 31% of taxable income above 337 800 467 501 – 613 600 110 739 + 36% of taxable income above 467 500 613 601 – 782 200 163 335 + 39% of taxable income above 613 600 782 201 – 1 656 600 229 089 + 41% of taxable income above 782 200 1 656 601 and above 587 593 + 45% of taxable income above 1 656 600 |
