In his Budget Speech on 26 February 2020, the Minister of Finance announced new tax rates, tax rebates, tax thresholds and other tax amendments for individuals. Details of these proposals are listed below and employers must update their payroll systems accordingly. The deduction tables and instructions in this guide came into effect on 1 March 2020.
Tax Table PAYE comparison 2020 vs 2021
Tax Tables for Individuals and Trusts 2020/2021 Tax Year
Other Changes to Payroll
Compliance and accuracy of income tax is of most importance as we can assume audit focus will begin with income taxes as SARS starts to re-establish their relations and public confidence.
- More audits will be done
- Resources and access to information received from all parties will start being utilised and form part of screening and audit checks
- Legal actions are starting to take place against tax payers
More information on budget available on national treasury website.