We’re pleased to announce that our clients and their employees can now see how their payroll will change in the new tax year. Payslips that fall in the 2012 / 2013 tax year will automatically meet the new legal requirements, while your payslips for the current tax year will still be calculated according to the current tax year’s rules, as you’d expect.
Here are the changes:
- The biggest change: Medical Aid Tax Credits implemented. This replaces the old medical aid taxable income deductions.
- R 230 per person for the employee and the first dependent.
- R 154 per person for each additional dependent.
- Tax free portion of subsistence allowance was increased:
- R 303 per day for meals and incidental costs (was R 286).
- R 93 per day for incidental costs only (was R 88).
- New tax tables, with the usual slight tax relief.