Everybody hates paying taxes but hey, it’s just one of the million and one things that sucks about being an adult.

The number one thing that sucks about being an adult is hearing your friends say the word ‘adulting’, by the way. You think you know someone and then…

Anyway, income tax brackets – focus.

With the 2018 Budget Speech a thing of the past, along with Malusi Gigaba as our finance minister (cue cheers all round), there have been a few changes.

First up, to get the ball rolling, this is from the SARS official site, updated for the 2018 changes:

You are liable to pay income tax if you earn more than: R78 150 if you are younger than 65 years.

If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R121 000.

For taxpayers aged 75 years and older, this threshold is R135 300.

Right, that takes care of the minimum tax bracket. Now onto the bit that shows how much the rest of y’all are forking out in the coming tax year – March 1, 2018 to February 28, 2019.

This table comes from Moneyweb, with that first figure (R0 – R195 850) adhering to those age stipulations above:

Their brief summation:

The bottom three personal income tax brackets (for lower- and middle-income earners) and the primary, secondary and tertiary rebates will be partially adjusted for inflation through a 3.1% increase, while the top four brackets will remain unchanged from March 1.

When you see it represented in that table above, you realise just how much of your dosh you’re handing over.

That above all sounds simple enough, but then a bunch of other variables come into play. You draw a secondary income from letting an Airbnb, you edit drone videos on the side, and you buy and sell a few things on Gumtree to turn a tidy profit.

Yeah, it all starts becoming rather complex – just ask Seth. That’s why he makes use of Galbraith | Rushby, the Woodstock-based tax experts who handle everything from individual to corporate tax needs.

They deliver the kind of service you would expect from a big auditing firm, but at the price of a smaller firm. Clients can rest assured that they’ll be able to talk to a partner whenever the need arises, and be treated as a person rather than a number.

Sounds ideal, right?

Tax headaches be gone.

[sources:sars&moneyweb]