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  

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 

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 

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 

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  

 

 

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 

 

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.  

 

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