• I would like to
    • Signup Newsletter
    • Schedule an appointment
    • Go to hospital
    • Deal with an accident
    • Make a Claim
    • Invest >
      • Investment needs analysis
      • Child education fund >
        • Top 100 schools in South Africa
      • For retirement
      • For income in retirement
      • For capital growth
      • For a new car
      • For a new house
      • Offshore funds
    • Apply for insurance >
      • Life Insurance
      • Medical Aid
      • Car and Household Insurance
      • Business Insurance
    • Appoint Daberistic as broker
    • Promotions >
      • 2022 Millionaire Investment Plan
      • 2022 Half-Millionaire Investment Plan
    • Update my policy >
      • Investment >
        • Allan Gray Debit Order
      • Life insurance
      • Arrear Premiums
      • Business insurance
    • Make a Will
    • Set up a business
    • Get an accountant.
    • Get business tax advice
    • Get personal tax advice
    • Preferred Suppliers >
      • Panelbeaters
      • Doctors and dentists
      • Attorneys, Notaries, Conveyancers
    • Cancel Daberistic Services
    • Covid-19 toolkit
  • Invest
    • Our fund selection process
    • Retirement annuity
    • Tax-free Investment Plan >
      • Apply for Tax-free Investment Account
    • Unit Trusts
    • Guaranteed Investments >
      • Guaranteed Investments Q&A
    • Preservation funds
    • Offshore
    • Education plan
    • Endowment
    • Participation Bond
    • Deposits
    • Business investment accounts
    • Private investment accounts
    • Exchange Traded Funds
    • Share investing
    • Personalised share portfolio
    • Retirement income
  • Retirement Funds
    • Starting a Fund - What to Consider
    • Retirement Funds - Your Rights
    • What is Regulation 28?
  • Health
    • Our services
    • Discovery Health
    • Momentum Health
    • Bonitas
    • International Travel Benefit
    • Gap cover >
      • Discovery gap
      • Sirago >
        • 2023 Update
    • FAQ >
      • Discovery COVID Vaccine Process
  • Life
    • Life insurance >
      • Life insurance special offer
    • Accidental cover
    • Income protection
    • Lump sum disability
    • Business Assurance
    • Severe Illness
  • Insure
    • About Short Term
    • Service Charter
    • Business Insurance >
      • Goods in Transit Insurance
      • Professional Insurance
    • Car / House Insurance
    • SASRIA
    • Frequently Asked Questions
  • Financial Coach
    • Blog
    • Personal Financial Planning >
      • Pocket Guide To Money
      • Setting goals
      • Budgeting and cashflow management
      • Consumer Protection Act
    • Retirement planning >
      • Retirement Q&A
    • Risk planning >
      • Retirement funds
    • Tax planning
    • Investment planning >
      • What are unit trusts?
      • Active and passive investing
      • Chasing fund performance may be hazardous to your wealth
      • Understanding risk on and risk off
    • Family trusts
    • Wills and estate planning >
      • Make a will
      • Administering an estate / Duties of an Executor
      • What the executor must do once appointed
    • Business planning
    • Frequently asked questions
  • Accounting & Tax
    • DAA Proatia Manual
    • Accounting
    • Tax >
      • 2025 South Africa Budget and Tax Guide
      • 2024 South Africa Budget and Tax Guide
      • 2022 South Africa Budget and Tax Guide
      • 2020 South Africa Budget and Tax Guide
      • 2019 South Africa Budget and Tax Guide
      • 2017 South Africa Budget and Tax Guide
    • Business Plan
    • Company Secretarial Services
    • Audit/Review/Compilation report
    • Frequently asked questions >
      • Establishing a Business in South Africa
  • About us
    • Who we are
    • What sets Daberistic apart
    • How we help our clients
    • Our clients
    • Community involvement
    • Company Documents >
      • Privacy Policy
      • Conflict Of Interest Policy
      • PAIA Manual
    • Disclosures >
      • POPIA Consent
      • Email Confidentiality Notice And Disclosure
    • Company News >
      • Heritage Day 2015
      • Mandela Day 2016
    • Daberistic Academy >
      • Car insurance rating factors
      • Investment seminars
      • Personal finance seminars
      • Workplace skills >
        • Sales Scripts
        • Client Communication
        • Stress Management
        • Industrial Relations
        • Leadership
        • Employee Benefits
        • Company Values
        • Tax
        • Commercial Insurance
        • Gap cover
        • Excel
        • Retirement -
        • Retirement Annuity &Provident Fund
        • Marketing and Branding
        • Broker Appointment
        • Telephone etiquette
        • Client service etiquette
    • Careers >
      • Positions >
        • Healthcare Consultant/Business Development Manager
      • Questionnaires >
        • Pre-interview Elementary Test
        • Chinese Client Consultant Pre-interview Questionnaire
        • Short-term Insurance Administrator Pre-interview Questionnaire
        • HR and Finance Administrator Pre-interview Questionnaire
    • Contact us >
      • Cancellation
  • 我想要
    • 德博理财专栏 >
      • 查看旧德博理财专栏
    • 促销活动 >
      • 百万富翁投资计划
      • 半百万富翁投资计划
      • Fedgroup飞达参与分红债券
    • 申请新保险 >
      • 员工团体保险
      • 寿险/意外险报价资料表
      • 国际学生医疗保险
      • 商业保险
      • 医疗保险需求评估
      • 医疗保险申请 >
        • 德博医疗保险服务会员申请
      • 加入活力健康计划
      • 投资 >
        • 投资方案报价
        • 孩子教育基金. >
          • 非洲排名前100高中
          • 南非高校排行榜
        • 为年老时存钱.
        • 闲钱投资.
        • 月领退休金.
        • 免税投资账户.
        • 投资型保单.
        • 股票.
        • 基金
        • 海外基金
        • 房地产基金.
        • 投资
      • 汽车保险报价
      • 店面投保
    • 现有保单管理 >
      • 保费没扣到
      • 在线税务证明申请表格
      • 人寿险/意外险保单管理
      • 医疗保险客服 >
        • 更新个人信息
        • 加家属到医保
        • 加新生儿到医保
        • 家属退保申请表格
        • 国际旅游医疗福利
        • Discovery医保怀孕生产幼儿福利
        • 下载Discovery医疗保险证明
        • 下载Discovery医保税务证明
        • 医疗保险升级
        • 取消医疗保险
        • 取消公司员工医疗保险
      • 投资账户管理
      • 产物保险管理
      • 客服满意度问卷
    • 申请索赔 >
      • 住院授权申请
      • 慢性病福利申请
      • Discovery国际紧急医疗保险索赔
      • Sirago附加险索赔提交
      • 申请车险索赔
    • 住院
    • 常用专科医生名称中英文对照 >
      • 约堡市北区最好的全科医生
      • 约堡市东区最好的全科医生
      • 约堡市北区最好的牙科医生
      • 约堡市最好的妇产科医生
      • 约堡市最好的心脏科医生
      • 约堡市最好的胃肠科医生
      • 开普敦市最好的全科医生
    • 出车祸处理
    • 设立遗嘱 >
      • 遗嘱的生效和不生效
      • 遗嘱的处分
      • 遺囑執行人被任命後
    • 聘德博为经纪人
    • 非居民在南非开银行账户
    • 投资移民
    • 唐人街商铺联系方式
  • 财富管理
    • 如何选择投资产品
    • 企业投资账户
    • 私人投资账户
    • 孩子教育基金
    • 为年老时存钱 >
      • 退休需要認真金錢
    • 闲钱投资
    • 海外投资 >
      • 如何投资海外资产
      • 南非外汇管制规定
      • Investors Trust外幣投資
    • 免税投资帐户 >
      • 免税投资账户问答集(Q&A)
    • 月领退休金
    • 投资型保单
    • 基金 >
      • 如何挑选基金
    • 稳赢固定利率保单
  • 员工福利
    • 公司团体医疗保险Q&A
    • 员工福利Q&A
    • 公积金Provident Fund说明
    • 中小企业员工福利完整套餐
  • ​人寿保险
    • 为什么要购买人寿保险
    • 人寿保险的妙用
    • 人寿保险常见问题回答
    • 购买人寿保险流程
    • 美元人寿保险
    • 意外险
    • 特殊寿险产品
    • 重大疾病险 >
      • 身体健康检查重要指标
      • 全球癌症病例激增
      • 细数癌症之最
    • Sanlam意外险
  • 医疗保险
    • 南非的医疗保险介紹
    • 医疗保险Q&A 常见问题回答 >
      • Discovery 非洲医疗福利
    • 如何选择医疗保险
    • Discovery医疗保险 2025摘要
    • Discovery医疗保险 2024摘要
    • Discovery Vitality活力健康计划 2024 >
      • 激活你的健活奖励
    • Bonitas医疗保险
    • Momentum 医疗保险
    • 医疗附加险 >
      • Discovery 附加险
      • Sirago 医疗附加差额险
    • 紧急意外险
    • 牙科保险
  • 财产险
    • 雇主责任保险
    • 建筑工程一切险
    • 商业火险
    • 车险
    • 暴动险 Sasria
    • 常见问题
  • 会计师事务所
    • 南非政府2025财政预算及税法
    • 南非2024财政预算及税法
    • 南非2023财政预算及税法
    • 南非2021财政预算及税法
    • 南非2020财政预算及税法
    • 南非2019财政预算及税法
    • 南非2018财政预算及税法
    • 南非2017财政预算及税法
    • 南非2016财政预算及税法
    • 南非2015财政预算及税法
    • 南非2008财政预算及税法
  • 加入我们
  • 关于我们
    • 我们如何与众不同
    • 我們如何帮助客户 - 保险篇
    • 我們如何帮助客户 - 投资理财篇
    • 联系我们
Daberistic
  • I would like to
    • Signup Newsletter
    • Schedule an appointment
    • Go to hospital
    • Deal with an accident
    • Make a Claim
    • Invest >
      • Investment needs analysis
      • Child education fund >
        • Top 100 schools in South Africa
      • For retirement
      • For income in retirement
      • For capital growth
      • For a new car
      • For a new house
      • Offshore funds
    • Apply for insurance >
      • Life Insurance
      • Medical Aid
      • Car and Household Insurance
      • Business Insurance
    • Appoint Daberistic as broker
    • Promotions >
      • 2022 Millionaire Investment Plan
      • 2022 Half-Millionaire Investment Plan
    • Update my policy >
      • Investment >
        • Allan Gray Debit Order
      • Life insurance
      • Arrear Premiums
      • Business insurance
    • Make a Will
    • Set up a business
    • Get an accountant.
    • Get business tax advice
    • Get personal tax advice
    • Preferred Suppliers >
      • Panelbeaters
      • Doctors and dentists
      • Attorneys, Notaries, Conveyancers
    • Cancel Daberistic Services
    • Covid-19 toolkit
  • Invest
    • Our fund selection process
    • Retirement annuity
    • Tax-free Investment Plan >
      • Apply for Tax-free Investment Account
    • Unit Trusts
    • Guaranteed Investments >
      • Guaranteed Investments Q&A
    • Preservation funds
    • Offshore
    • Education plan
    • Endowment
    • Participation Bond
    • Deposits
    • Business investment accounts
    • Private investment accounts
    • Exchange Traded Funds
    • Share investing
    • Personalised share portfolio
    • Retirement income
  • Retirement Funds
    • Starting a Fund - What to Consider
    • Retirement Funds - Your Rights
    • What is Regulation 28?
  • Health
    • Our services
    • Discovery Health
    • Momentum Health
    • Bonitas
    • International Travel Benefit
    • Gap cover >
      • Discovery gap
      • Sirago >
        • 2023 Update
    • FAQ >
      • Discovery COVID Vaccine Process
  • Life
    • Life insurance >
      • Life insurance special offer
    • Accidental cover
    • Income protection
    • Lump sum disability
    • Business Assurance
    • Severe Illness
  • Insure
    • About Short Term
    • Service Charter
    • Business Insurance >
      • Goods in Transit Insurance
      • Professional Insurance
    • Car / House Insurance
    • SASRIA
    • Frequently Asked Questions
  • Financial Coach
    • Blog
    • Personal Financial Planning >
      • Pocket Guide To Money
      • Setting goals
      • Budgeting and cashflow management
      • Consumer Protection Act
    • Retirement planning >
      • Retirement Q&A
    • Risk planning >
      • Retirement funds
    • Tax planning
    • Investment planning >
      • What are unit trusts?
      • Active and passive investing
      • Chasing fund performance may be hazardous to your wealth
      • Understanding risk on and risk off
    • Family trusts
    • Wills and estate planning >
      • Make a will
      • Administering an estate / Duties of an Executor
      • What the executor must do once appointed
    • Business planning
    • Frequently asked questions
  • Accounting & Tax
    • DAA Proatia Manual
    • Accounting
    • Tax >
      • 2025 South Africa Budget and Tax Guide
      • 2024 South Africa Budget and Tax Guide
      • 2022 South Africa Budget and Tax Guide
      • 2020 South Africa Budget and Tax Guide
      • 2019 South Africa Budget and Tax Guide
      • 2017 South Africa Budget and Tax Guide
    • Business Plan
    • Company Secretarial Services
    • Audit/Review/Compilation report
    • Frequently asked questions >
      • Establishing a Business in South Africa
  • About us
    • Who we are
    • What sets Daberistic apart
    • How we help our clients
    • Our clients
    • Community involvement
    • Company Documents >
      • Privacy Policy
      • Conflict Of Interest Policy
      • PAIA Manual
    • Disclosures >
      • POPIA Consent
      • Email Confidentiality Notice And Disclosure
    • Company News >
      • Heritage Day 2015
      • Mandela Day 2016
    • Daberistic Academy >
      • Car insurance rating factors
      • Investment seminars
      • Personal finance seminars
      • Workplace skills >
        • Sales Scripts
        • Client Communication
        • Stress Management
        • Industrial Relations
        • Leadership
        • Employee Benefits
        • Company Values
        • Tax
        • Commercial Insurance
        • Gap cover
        • Excel
        • Retirement -
        • Retirement Annuity &Provident Fund
        • Marketing and Branding
        • Broker Appointment
        • Telephone etiquette
        • Client service etiquette
    • Careers >
      • Positions >
        • Healthcare Consultant/Business Development Manager
      • Questionnaires >
        • Pre-interview Elementary Test
        • Chinese Client Consultant Pre-interview Questionnaire
        • Short-term Insurance Administrator Pre-interview Questionnaire
        • HR and Finance Administrator Pre-interview Questionnaire
    • Contact us >
      • Cancellation
  • 我想要
    • 德博理财专栏 >
      • 查看旧德博理财专栏
    • 促销活动 >
      • 百万富翁投资计划
      • 半百万富翁投资计划
      • Fedgroup飞达参与分红债券
    • 申请新保险 >
      • 员工团体保险
      • 寿险/意外险报价资料表
      • 国际学生医疗保险
      • 商业保险
      • 医疗保险需求评估
      • 医疗保险申请 >
        • 德博医疗保险服务会员申请
      • 加入活力健康计划
      • 投资 >
        • 投资方案报价
        • 孩子教育基金. >
          • 非洲排名前100高中
          • 南非高校排行榜
        • 为年老时存钱.
        • 闲钱投资.
        • 月领退休金.
        • 免税投资账户.
        • 投资型保单.
        • 股票.
        • 基金
        • 海外基金
        • 房地产基金.
        • 投资
      • 汽车保险报价
      • 店面投保
    • 现有保单管理 >
      • 保费没扣到
      • 在线税务证明申请表格
      • 人寿险/意外险保单管理
      • 医疗保险客服 >
        • 更新个人信息
        • 加家属到医保
        • 加新生儿到医保
        • 家属退保申请表格
        • 国际旅游医疗福利
        • Discovery医保怀孕生产幼儿福利
        • 下载Discovery医疗保险证明
        • 下载Discovery医保税务证明
        • 医疗保险升级
        • 取消医疗保险
        • 取消公司员工医疗保险
      • 投资账户管理
      • 产物保险管理
      • 客服满意度问卷
    • 申请索赔 >
      • 住院授权申请
      • 慢性病福利申请
      • Discovery国际紧急医疗保险索赔
      • Sirago附加险索赔提交
      • 申请车险索赔
    • 住院
    • 常用专科医生名称中英文对照 >
      • 约堡市北区最好的全科医生
      • 约堡市东区最好的全科医生
      • 约堡市北区最好的牙科医生
      • 约堡市最好的妇产科医生
      • 约堡市最好的心脏科医生
      • 约堡市最好的胃肠科医生
      • 开普敦市最好的全科医生
    • 出车祸处理
    • 设立遗嘱 >
      • 遗嘱的生效和不生效
      • 遗嘱的处分
      • 遺囑執行人被任命後
    • 聘德博为经纪人
    • 非居民在南非开银行账户
    • 投资移民
    • 唐人街商铺联系方式
  • 财富管理
    • 如何选择投资产品
    • 企业投资账户
    • 私人投资账户
    • 孩子教育基金
    • 为年老时存钱 >
      • 退休需要認真金錢
    • 闲钱投资
    • 海外投资 >
      • 如何投资海外资产
      • 南非外汇管制规定
      • Investors Trust外幣投資
    • 免税投资帐户 >
      • 免税投资账户问答集(Q&A)
    • 月领退休金
    • 投资型保单
    • 基金 >
      • 如何挑选基金
    • 稳赢固定利率保单
  • 员工福利
    • 公司团体医疗保险Q&A
    • 员工福利Q&A
    • 公积金Provident Fund说明
    • 中小企业员工福利完整套餐
  • ​人寿保险
    • 为什么要购买人寿保险
    • 人寿保险的妙用
    • 人寿保险常见问题回答
    • 购买人寿保险流程
    • 美元人寿保险
    • 意外险
    • 特殊寿险产品
    • 重大疾病险 >
      • 身体健康检查重要指标
      • 全球癌症病例激增
      • 细数癌症之最
    • Sanlam意外险
  • 医疗保险
    • 南非的医疗保险介紹
    • 医疗保险Q&A 常见问题回答 >
      • Discovery 非洲医疗福利
    • 如何选择医疗保险
    • Discovery医疗保险 2025摘要
    • Discovery医疗保险 2024摘要
    • Discovery Vitality活力健康计划 2024 >
      • 激活你的健活奖励
    • Bonitas医疗保险
    • Momentum 医疗保险
    • 医疗附加险 >
      • Discovery 附加险
      • Sirago 医疗附加差额险
    • 紧急意外险
    • 牙科保险
  • 财产险
    • 雇主责任保险
    • 建筑工程一切险
    • 商业火险
    • 车险
    • 暴动险 Sasria
    • 常见问题
  • 会计师事务所
    • 南非政府2025财政预算及税法
    • 南非2024财政预算及税法
    • 南非2023财政预算及税法
    • 南非2021财政预算及税法
    • 南非2020财政预算及税法
    • 南非2019财政预算及税法
    • 南非2018财政预算及税法
    • 南非2017财政预算及税法
    • 南非2016财政预算及税法
    • 南非2015财政预算及税法
    • 南非2008财政预算及税法
  • 加入我们
  • 关于我们
    • 我们如何与众不同
    • 我們如何帮助客户 - 保险篇
    • 我們如何帮助客户 - 投资理财篇
    • 联系我们

2024 South Africa Budget and Tax Guide

Picture
2024 Budget Documents for Download:

Budget Speech by Finance Minister

Budget Highlights
​
Tax Pocket Guide

People's Guide

Source: National Treasury
Minister of Finance Enoch Godongwana announced his pre-election South Africa government budget for 2024-2025 on the 21st of February 2024. The infographic below shows where the budget money comes from. 
Picture

Individuals continue to shoulder the most responsibilities in terms of highest contribution to the fiscus, followed by VAT and corporates. 
​
Picture
The budget income for 2024/25 is R2.04 trillion, and spending R2.37 trillion, leading to a deficit of R332.4 billion.

Budget framework

  • Government is staying the course on the fiscal strategy outlined in the 2023 Medium Term Budget Policy Statement (MTBPS) and will achieve a primary budget surplus in 2023/24, with debt stabilising by 2025/26.
  • Debt-service costs will peak as a share of revenue in 2025/26 and decline thereafter.
  • The consolidated budget deficit is projected to narrow from 4.9 per cent of GDP in 2023/24 to 3.3 per cent by the end of the 2024 medium-term expenditure framework (MTEF) period.
  • The balanced approach to fiscal consolidation includes expenditure restraint and moderate revenue increases, while continuing to support the social wage and ensuring additional funding for critical services.
  • Government will, after extensive consultation, propose a binding fiscal anchor for future sustainability. In the interim, the debt-stabilising primary surplus will anchor fiscal policy.

Spending programmes

  • Consolidated government spending will amount to R2.37 trillion in 2024/25, R2.47 trillion in 2025/26 and R2.6 trillion in 2026/27.
  • As part of the overall changes, R251.3 billion has been added to the MTEF to ensure that the salaries of teachers, doctors, nurses, police and many other public servants are funded, and to maintain strong levels of social protection through 2026/27.
  • Spending across functions supports the implementation of new and existing policy priorities. Learning and culture receives 24.4 per cent (R1.51 trillion) of the total function budgets, while general public services receives the smallest share at 3.7 per cent (R231.5 billion).
  • An amount of R7.4 billion is set aside in 2024/25 for the presidential employment initiative.
  • The social wage will constitute an average of 60.2 per cent of total non-interest spending over the next three years.

Tax proposals

  • Government proposes tax increases totalling R15 billion in 2024/25 to alleviate immediate fiscal pressures.
  • No Inflation adjustments to the personal income tax tables and medical tax credits are provided.
  • Excise duties on alcohol will increase between 6.7 and 7.2 per cent, while duties on tobacco products will increase between 4.7 and 8.2 per cent.
  • As in the 2022 and 2023 Budgets, government again proposes no changes to the general fuel levy or the Road Accident Fund levy, resulting in tax relief of around R4 billion.
  • South Africa will implement a global minimum corporate tax, with multinational corporations subject to an effective tax rate of at least 15 per cent, regardless of where its profits are located.
  • Producers of electric vehicles in South Africa will be able to claim 150 per cent of qualifying investment spending as an incentive to aid the transition to new energy vehicles.

Income tax: Individuals

Picture
For under age 65, if the annual income is below R95,750, no income tax is payable. Tax threshold for over 65: R148,217. For over 75: R165,689.
 
Interest and dividend income:
Annual exemption on interest R23,800 (age <65) and R34,500 (age 65+) (no change)
 
Capital Gains Tax: (no change)
Individuals inclusion rate 40%; effective highest tax rate 18% (increased from 16.4%)
Companies and trusts inclusion rate 80%: companies effective tax rate 21.6%, trusts 36%

Retirement fund contributions: (no change)
Individuals allowed 27.5% of the higher of taxable income or employment income as deduction, for contributions to pension, provident and retirement annuity funds.
Maximum annual deduction R350,000

Currently retirement fund members have to purchase annuity with at least 2/3rds of their retirement benefit; threshold remains R247 500.

Medical aid tax credit:
​R364 per person for the first two people on medical aid, thereafter R246 per person per month. The table below illustrates:

Family composition
Monthly medical aid tax credit
Single
R364
Couple
R728
Couple plus 1 child
R974
Couple plus 2 children
R1,220

Retirement fund lump sum withdrawal benefits

No change
Lump sum amount
Rate of tax
< R27,500
0%
R27,501 – R726,000
18%
R726,001 – R1,089,000
27%
​Amount above R1,089,000
36%

Retirement fund lump sum benefits or severance benefits

No change; effectively an increase in tax rate in real terms over last few years
Lump sum amount
Rate of tax
< R550,000
0%
​R550,001 – R770,000
18%
R770,001 – R1,155,000
27%
Amount above R1,155,000
36%

Individuals income tax table

South Africa has a progressive personal income tax system. The more a person's income, the higher the rate of tax at which he pays on his income. Increases in income brackets are welcomed, to provide tax relief to burdened individual taxpayers.
Taxable income
Rate of tax
​R0 – R237,100
18%
​R237,101 – R370,500
26%
R370,501 – R512,800
31%
​R512,801 – R673,000
36%
R673,001 – R857,900
39%
​R857,901 – R1,817,000
41%
Above R1,817,001
45%
Rebates: Primary R17,235, Secondary (for ages 65 and above) R9,444, Tertiary (for ages 75 and above) R3,145.
 
Estate duty: 20% on the first R30 million, then 25% above R30 million. Primary rebate R3,500,000, plus any amount accruing to surviving spouse. (no change)
 
Donations tax: Annual exemption R100,000. Donations between spouses and donations to certain public benefit organisations are exempt. 20% on the first R30 million, then 25% on the cumulative value exceeding R30 million. (no change)

Property transfer duty:

Picture
A welcome relief - no transfer duty for property up to R1.1 million.
Property value
Rate of tax
R0 – R1,100,000
0%
R1,100,001 – R1,512,500
3% of amount above R1,100,000
R1,512,001 – R2,117,500
R12,375 plus 6% of amount above R1,512,500
R2,117,501 – R2,722,500
R48,675 plus 8% of amount above R2,117,500
R2,722,501 – R12,100,000
R97,075 plus 11% of amount above R2,722,500
R12,100,001 and above
R1,128,600 plus 13% amount above R12,100,000

Income tax: Companies and trusts

Picture
​1. Corporation: 27%

2. Small Business Corporations, turnover under R20 million
Taxable Income     Rate of Tax
R95,750                    0%
R95,751 – 365,000  7%
365,001 – 550,000  21%
550,001 and above 28% (27% for years of assessment ending on any date on or after 31 March2023)

3. Turnover tax for Micro Businesses
Taxable turnover    Rate of tax
<335,000                   0%
335,001 – 500,000    1%
500,001 – 750,000    2%
750,001 and above    3%
Turnover tax is suitable for micro businesses with an annual turnover of under R1,000,000, only need to submit returns twice a year.

Residence basis of taxation

Residents are taxed on their worldwide income, subject to certain exclusions. The general principle is that foreign taxes on foreign sourced income are allowed as a credit against South African tax payable. This is applicable to individuals, companies, close corporations, trusts and estates.

South Africans working abroad

Effective from 1 March 2020, the first R1,250,000 earned from foreign service income will be exempt from tax in South Africa, provided that more than 183 days are spent outside SA in any 12-month period and, during the 183-day period, 60 days are continuously spent outside SA.
 
This practically means that any foreign service income above the first R1,250,000 will be taxed in South Africa at the relevant tax resident’s marginal tax rate. 

Capital Gains Tax

Maximum effective rate of tax:
Individuals and special trusts, 18%
Companies 21.6%
Other trusts 36%

Events that trigger a disposal include a sale, donation, exchange, loss, death and emigration. The following are some of the specific exclusions:
• R2 million gain or loss on the disposal of a primary residence
• Most personal use assets
• Retirement benefits
• Payments in respect of original long-term insurance policies
• Annual exclusion of R40 000 capital gain or capital loss is granted to individuals and special trusts
• Small business exclusion of capital gains for individuals (at least 55 years of age) of R1.8 million when a small business with a market value not exceeding R10 million is disposed of
• Instead of the annual exclusion, the exclusion granted to individuals is R300 000 for the year of death.

Dividends tax

​(no change) Dividends tax is a final tax at a rate of 20% on dividends paid by resident companies and by non-resident companies in respect of shares listed on the JSE. Dividends are tax exempt if the beneficial owner of the dividend is a South African company, retirement fund or other exempt person. Non-resident beneficial owners of dividends may benefit from reduced tax rates in limited circumstances. The tax is to be withheld by companies paying the taxable dividends or by regulated intermediaries in the case of dividends on listed shares. The tax on dividends in kind (other than in cash) is payable and is borne by the company that declares and pays the dividend.

Other taxes

Picture
Withholding Taxes: The following withholding taxes target non-residents:
 
Royalties: 15%
 
Interest: Effective 1 March 2015, a final tax at a rate of 15% is imposed on interest from a South African source payable to non-residents. Interest is exempt if payable by any sphere of the South African government, a bank or if the debt is listed on a recognised exchange.
 
Foreign entertainers and sportspersons:
A final tax at the rate of 15% is imposed on gross amounts payable to non-residents for activities exercised by them in South Africa as entertainers or sportspersons.
 
Disposal of immovable property:
A provisional tax is withheld on behalf of non-resident sellers of immovable property in South Africa to be set off against the normal tax liability of the non-residents. The tax to be withheld from payments to the non-residents is at a rate of 7.5% for a non-resident individual, 10% for a non-resident company and 15% for a non-resident trust that is selling the immovable property.
 
Value-added tax (VAT)
VAT is levied at the standard rate of 15% on the supply of goods and services by registered vendors.
 
A vendor making taxable supplies of more than R1 million per annum must register for VAT. A vendor making taxable supplies of more than R50 000 but not more than R1 million per annum may apply for voluntary registration. Certain supplies are subject to a zero rate or are exempt from VAT.
​
Securities Transfer Tax
The tax is imposed at a rate of 0.25 of a per cent on the transfer of listed or unlisted securities. Securities consist of shares in companies or member’s interests in close corporations.
 
Tax on International Air Travel
R190 per passenger departing on international flights excluding flights to Botswana, Lesotho, Namibia and Swaziland, in which case the tax is R100. (no change)
 
Skills Development Levy
A skills development levy is payable by employers at a rate of 1% of the total remuneration paid to employees. Employers paying annual remuneration of less than R500 000 are exempt from payment of the skills development levy. (no change)
 
Unemployment Insurance Fund (UIF)
Unemployment insurance contributions are payable monthly by employers on the basis of a contribution of 1% by employers and 1% by employees, based on employees’ remuneration below a certain amount. (no change)
 
Employers not registered for PAYE or SDL purposes must pay the contributions to the Unemployment Insurance Commissioner.
 
Estate duty
Estate duty is levied on the property of residents and South African property of non-residents less allowable deductions. The duty is 20% on the first R30 million, and 25% above R30 million.
 
A basic deduction of R3.5 million is allowed in the determination of an estate’s liability for estate duty as well as deductions for liabilities, bequests to public benefit organisations and property accruing to surviving spouses.
 
Income tax on trusts: 45%
 
SARS Interest Rates
Fringe benefits - interest-free or low-interest loan (official rate): 9.25%
Late or underpayment of tax 11.75%
Refund of overpayment of provisional and employees’ tax 7.75%
Refund of tax on successful appeal or where the appeal was conceded by SARS 11.75%
​Customs and Excise 11.75%


Social grants

18 million people receive government social grant in South Africa. This year’s budget is R387.3 billion, with the following monthly payments:
Type of grant
​2024
2025
State Old Age Grant
R2,085
​R2,185
State Old Age Grant, Over 75
R2,105
R2,205
War Veterans
R2,105
R2,205
Disability
R2,085
R2,185
Foster Care
R1,125
R1,180
Care Dependancy
R2,085
R2,185
Child Support Grant
R505
R530

Updated on: 2024/02/21

Services

Financial Planning
Life Insurance
Investments
Medical Aid
Retirement Fund
Short-term Insurance

About us

Who we are
Careers
Privacy
​Legal
Complaints Policy

Support

Contact
Daberistic Financial Services is an authorised financial services provider.
服务项目
金融规划
人寿保险
投资理财
医疗保险
员工社保
产物保险
​关于我们
我们如何与众不同
招聘人才
法律声明
客户服务
联系我们
  • I would like to
    • Signup Newsletter
    • Schedule an appointment
    • Go to hospital
    • Deal with an accident
    • Make a Claim
    • Invest >
      • Investment needs analysis
      • Child education fund >
        • Top 100 schools in South Africa
      • For retirement
      • For income in retirement
      • For capital growth
      • For a new car
      • For a new house
      • Offshore funds
    • Apply for insurance >
      • Life Insurance
      • Medical Aid
      • Car and Household Insurance
      • Business Insurance
    • Appoint Daberistic as broker
    • Promotions >
      • 2022 Millionaire Investment Plan
      • 2022 Half-Millionaire Investment Plan
    • Update my policy >
      • Investment >
        • Allan Gray Debit Order
      • Life insurance
      • Arrear Premiums
      • Business insurance
    • Make a Will
    • Set up a business
    • Get an accountant.
    • Get business tax advice
    • Get personal tax advice
    • Preferred Suppliers >
      • Panelbeaters
      • Doctors and dentists
      • Attorneys, Notaries, Conveyancers
    • Cancel Daberistic Services
    • Covid-19 toolkit
  • Invest
    • Our fund selection process
    • Retirement annuity
    • Tax-free Investment Plan >
      • Apply for Tax-free Investment Account
    • Unit Trusts
    • Guaranteed Investments >
      • Guaranteed Investments Q&A
    • Preservation funds
    • Offshore
    • Education plan
    • Endowment
    • Participation Bond
    • Deposits
    • Business investment accounts
    • Private investment accounts
    • Exchange Traded Funds
    • Share investing
    • Personalised share portfolio
    • Retirement income
  • Retirement Funds
    • Starting a Fund - What to Consider
    • Retirement Funds - Your Rights
    • What is Regulation 28?
  • Health
    • Our services
    • Discovery Health
    • Momentum Health
    • Bonitas
    • International Travel Benefit
    • Gap cover >
      • Discovery gap
      • Sirago >
        • 2023 Update
    • FAQ >
      • Discovery COVID Vaccine Process
  • Life
    • Life insurance >
      • Life insurance special offer
    • Accidental cover
    • Income protection
    • Lump sum disability
    • Business Assurance
    • Severe Illness
  • Insure
    • About Short Term
    • Service Charter
    • Business Insurance >
      • Goods in Transit Insurance
      • Professional Insurance
    • Car / House Insurance
    • SASRIA
    • Frequently Asked Questions
  • Financial Coach
    • Blog
    • Personal Financial Planning >
      • Pocket Guide To Money
      • Setting goals
      • Budgeting and cashflow management
      • Consumer Protection Act
    • Retirement planning >
      • Retirement Q&A
    • Risk planning >
      • Retirement funds
    • Tax planning
    • Investment planning >
      • What are unit trusts?
      • Active and passive investing
      • Chasing fund performance may be hazardous to your wealth
      • Understanding risk on and risk off
    • Family trusts
    • Wills and estate planning >
      • Make a will
      • Administering an estate / Duties of an Executor
      • What the executor must do once appointed
    • Business planning
    • Frequently asked questions
  • Accounting & Tax
    • DAA Proatia Manual
    • Accounting
    • Tax >
      • 2025 South Africa Budget and Tax Guide
      • 2024 South Africa Budget and Tax Guide
      • 2022 South Africa Budget and Tax Guide
      • 2020 South Africa Budget and Tax Guide
      • 2019 South Africa Budget and Tax Guide
      • 2017 South Africa Budget and Tax Guide
    • Business Plan
    • Company Secretarial Services
    • Audit/Review/Compilation report
    • Frequently asked questions >
      • Establishing a Business in South Africa
  • About us
    • Who we are
    • What sets Daberistic apart
    • How we help our clients
    • Our clients
    • Community involvement
    • Company Documents >
      • Privacy Policy
      • Conflict Of Interest Policy
      • PAIA Manual
    • Disclosures >
      • POPIA Consent
      • Email Confidentiality Notice And Disclosure
    • Company News >
      • Heritage Day 2015
      • Mandela Day 2016
    • Daberistic Academy >
      • Car insurance rating factors
      • Investment seminars
      • Personal finance seminars
      • Workplace skills >
        • Sales Scripts
        • Client Communication
        • Stress Management
        • Industrial Relations
        • Leadership
        • Employee Benefits
        • Company Values
        • Tax
        • Commercial Insurance
        • Gap cover
        • Excel
        • Retirement -
        • Retirement Annuity &Provident Fund
        • Marketing and Branding
        • Broker Appointment
        • Telephone etiquette
        • Client service etiquette
    • Careers >
      • Positions >
        • Healthcare Consultant/Business Development Manager
      • Questionnaires >
        • Pre-interview Elementary Test
        • Chinese Client Consultant Pre-interview Questionnaire
        • Short-term Insurance Administrator Pre-interview Questionnaire
        • HR and Finance Administrator Pre-interview Questionnaire
    • Contact us >
      • Cancellation
  • 我想要
    • 德博理财专栏 >
      • 查看旧德博理财专栏
    • 促销活动 >
      • 百万富翁投资计划
      • 半百万富翁投资计划
      • Fedgroup飞达参与分红债券
    • 申请新保险 >
      • 员工团体保险
      • 寿险/意外险报价资料表
      • 国际学生医疗保险
      • 商业保险
      • 医疗保险需求评估
      • 医疗保险申请 >
        • 德博医疗保险服务会员申请
      • 加入活力健康计划
      • 投资 >
        • 投资方案报价
        • 孩子教育基金. >
          • 非洲排名前100高中
          • 南非高校排行榜
        • 为年老时存钱.
        • 闲钱投资.
        • 月领退休金.
        • 免税投资账户.
        • 投资型保单.
        • 股票.
        • 基金
        • 海外基金
        • 房地产基金.
        • 投资
      • 汽车保险报价
      • 店面投保
    • 现有保单管理 >
      • 保费没扣到
      • 在线税务证明申请表格
      • 人寿险/意外险保单管理
      • 医疗保险客服 >
        • 更新个人信息
        • 加家属到医保
        • 加新生儿到医保
        • 家属退保申请表格
        • 国际旅游医疗福利
        • Discovery医保怀孕生产幼儿福利
        • 下载Discovery医疗保险证明
        • 下载Discovery医保税务证明
        • 医疗保险升级
        • 取消医疗保险
        • 取消公司员工医疗保险
      • 投资账户管理
      • 产物保险管理
      • 客服满意度问卷
    • 申请索赔 >
      • 住院授权申请
      • 慢性病福利申请
      • Discovery国际紧急医疗保险索赔
      • Sirago附加险索赔提交
      • 申请车险索赔
    • 住院
    • 常用专科医生名称中英文对照 >
      • 约堡市北区最好的全科医生
      • 约堡市东区最好的全科医生
      • 约堡市北区最好的牙科医生
      • 约堡市最好的妇产科医生
      • 约堡市最好的心脏科医生
      • 约堡市最好的胃肠科医生
      • 开普敦市最好的全科医生
    • 出车祸处理
    • 设立遗嘱 >
      • 遗嘱的生效和不生效
      • 遗嘱的处分
      • 遺囑執行人被任命後
    • 聘德博为经纪人
    • 非居民在南非开银行账户
    • 投资移民
    • 唐人街商铺联系方式
  • 财富管理
    • 如何选择投资产品
    • 企业投资账户
    • 私人投资账户
    • 孩子教育基金
    • 为年老时存钱 >
      • 退休需要認真金錢
    • 闲钱投资
    • 海外投资 >
      • 如何投资海外资产
      • 南非外汇管制规定
      • Investors Trust外幣投資
    • 免税投资帐户 >
      • 免税投资账户问答集(Q&A)
    • 月领退休金
    • 投资型保单
    • 基金 >
      • 如何挑选基金
    • 稳赢固定利率保单
  • 员工福利
    • 公司团体医疗保险Q&A
    • 员工福利Q&A
    • 公积金Provident Fund说明
    • 中小企业员工福利完整套餐
  • ​人寿保险
    • 为什么要购买人寿保险
    • 人寿保险的妙用
    • 人寿保险常见问题回答
    • 购买人寿保险流程
    • 美元人寿保险
    • 意外险
    • 特殊寿险产品
    • 重大疾病险 >
      • 身体健康检查重要指标
      • 全球癌症病例激增
      • 细数癌症之最
    • Sanlam意外险
  • 医疗保险
    • 南非的医疗保险介紹
    • 医疗保险Q&A 常见问题回答 >
      • Discovery 非洲医疗福利
    • 如何选择医疗保险
    • Discovery医疗保险 2025摘要
    • Discovery医疗保险 2024摘要
    • Discovery Vitality活力健康计划 2024 >
      • 激活你的健活奖励
    • Bonitas医疗保险
    • Momentum 医疗保险
    • 医疗附加险 >
      • Discovery 附加险
      • Sirago 医疗附加差额险
    • 紧急意外险
    • 牙科保险
  • 财产险
    • 雇主责任保险
    • 建筑工程一切险
    • 商业火险
    • 车险
    • 暴动险 Sasria
    • 常见问题
  • 会计师事务所
    • 南非政府2025财政预算及税法
    • 南非2024财政预算及税法
    • 南非2023财政预算及税法
    • 南非2021财政预算及税法
    • 南非2020财政预算及税法
    • 南非2019财政预算及税法
    • 南非2018财政预算及税法
    • 南非2017财政预算及税法
    • 南非2016财政预算及税法
    • 南非2015财政预算及税法
    • 南非2008财政预算及税法
  • 加入我们
  • 关于我们
    • 我们如何与众不同
    • 我們如何帮助客户 - 保险篇
    • 我們如何帮助客户 - 投资理财篇
    • 联系我们