Budget 2023: Your Tax Tables and Tax Calculator

The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?

To better understand the impact of the Budget on you and your business, here is a selection of official SARS Tax Tables, then follow the link to Fin 24’s Budget Calculator to do your own calculation. 

The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?

To better understand the impact of the Budget on you and your business, here is a selection of official SARS Tax Tables, then follow the link to Fin 24’s Budget Calculator to do your own calculation.  

Businesses – corporate tax rates unchanged*

CORPORATE TAXES

Type

Taxable Income (R) / Taxable Turnover (R)*

Rate of Tax (R)

Companies – Income Tax 

All

*Unchanged at 27% of taxable income for companies with years of assessment ending between 1 April 2023 and 31 March 2024; down from 28% for other companies.

Small Business Corporations – Income Tax

1 – 95 750

0% of taxable income

Small Business Corporations – Income Tax

95 751 – 365 000

7% of taxable income above 95 750 

Small Business Corporations – Income Tax

365 001 – 550 000

18 848 + 21% of taxable income above 365 000

Small Business Corporations – Income Tax

550 001 and above

57 698 + 27% of the amount above 550 000

Micro Businesses – Turnover Tax 

1 – 335 000*

0% of taxable turnover 

Micro Businesses – Turnover Tax

335 001 – 500 000*

1% of taxable turnover above 335 000 

Micro Businesses – Turnover Tax

500 001 – 750 000* 

1 650 + 2% of taxable turnover above 500 000 

Micro Businesses – Turnover Tax

750 001 and above*

6 650 + 3% of taxable turnover above 750 000 


Source:
SARS’ Budget Tax Guide 2023

Individual taxpayers – tax tables adjusted

INDIVIDUAL TAXES

Taxable Income (R)  

Rate of Tax (R)

1 – 237 100 

18% of taxable income

237 101 – 370 500

42 678 + 26% of taxable income above 237 100

370 501 – 512 800

77 362 + 31% of taxable income above 370 500

512 801 – 673 000

121 475 + 36% of taxable income above 512 800

673 001 – 857 900

179 147 + 39% of taxable income above 673 000

857 901 – 1 817 000

251 258 + 41% of taxable income above 857 900

1 817 001 and above

644 489 + 45% of taxable income above 1 817 000

Source: SARS

INDIVIDUAL TAX REBATES 

Type 

2024 

2023

Primary

R17 235   

R16 425

Secondary (65 and older)

R9 444

R9 000

Tertiary (75 and older)

R3 145

R2 997


Source:
SARS

 

INDIVIDUAL TAX THRESHOLDS 

Age

2024 

2023

Under 65

R95 750

R91 250

​65 an older

R148 217

R141 250

​75 and older

R165 689

R157 900


Source:
SARS

 

Transfer duty table – adjusted

TRANSFER DUTY

Value of property (R)  

Rate 

1 – 1 100 000 

0% 

1 100 001 – 1 512 500 

3% of the value above R1 100 000 

1 512 501 – 2 117 500 

R12 375 + 6% of the value above R 1 512 500 

2 117 501 – 2 722 500 

R48 675 + 8% of the value above R 2 117 500 

2 722 501 – 12 100 000 

R97 075 +11% of the value above R2 722 500 

12 100 001 and above 

R1 128 600 + 13% of the value exceeding R12 100 000 

  


Source:
Budget 2023 People’s Guide

Sin taxes raised

EXCISE DUTIES

Excise duties on  

Increases by

Malt beer

10c per 340ml can

Unfortified wine

18c per 750ml bottle

Fortified wine

31c per 750ml bottle

Sparkling wine

9c per 750ml bottle

Ciders and alcoholic fruit beverages

10c per 340ml can

Spirits

R3.90 per 750ml bottle

Cigarettes

98c per packet of 20

Heated tobacco product sticks

73c per packet of 20

Cigarette tobacco

R1.10 per 50g

Pipe tobacco

33c per 25g

Cigars

R5.47 per 23g


Source:
Budget 2023 People’s Guide 

How much will you be paying in income, petrol and sin taxes? 

Use Fin 24’s four-step Budget Calculator here to find out the monthly and annual impact on your  income tax, as well as what you will pay in future in terms of fuel and sin taxes, bearing in mind that the best way to fully understand the impact of the announcements in Budget 2023 on your own and your business affairs is to reach out for professional advice from your accountant. 

© DotNews. The information herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your prefessional advisor for specific and detailed advice.

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