Personal Income Tax:
- The tax tables remain unchanged for the 2024/25 financial year. This means no inflation adjustments were made to the personal income tax brackets, rebates, and medical tax credits. This decision is expected to raise additional revenue, with the annual tax-free threshold for individuals under 65 remaining at R95,750 (Current Affairs ZA) (South African Revenue Service).
Expatriate Tax:
- South African tax residents working abroad are required to pay tax on foreign employment income exceeding R1.25 million, with a tax rate of up to 45%. This threshold includes all forms of employment income such as allowances, commissions, bonuses, and fringe benefits (Mike Coady).
Tax Filing and Compliance:
- Updated guidelines and requirements for the 2024 tax season have been published by SARS. These include new deadlines and processes for the submission of income tax returns (South African Revenue Service) (South African Revenue Service).
It is important for Tax payers to take note of these changes to avoid huge penalties being imposed. It is therefore important to engage with a registered and qualified Tax practitioner.
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Creative approach to every project
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