Personal Income Tax Calculator

The 2019 Budget Speech announced a slight upward adjustment of the tax-free threshold for personal income taxes, with no change in the current personal income tax brackets.

This tool will help you calculate and compare your monthly income tax based on the latest available tax figures and the previous year's tax figures, taking into account the most common income sources and deductions. Planning for your finances requires the expert help of a financial adviser. It is important that you discuss the impact of the 2019 Budget Speech announcements on your finances with your financial adviser before you make any financial decisions based on it.

2019/2020 Tax Calculator

Step 1: Tell us how old you are
Step 2: Enter your earnings

Important: Some earnings and exemptions have not been included in the calculation above. For earnings, pension fund type lump-sum benefits and the cash equivalent of fringe benefits are not considered. For exemptions, the interest exemption, dividends, and the capital element of voluntary purchased annuities have been excluded.

Step 3: Enter your monthly deductions

Some deductions such as donations to public benefit organisations, medical and physical disability expenses, and expenditure incurred in the production of income have not been included in the above calculation.

Results: Compare your tax before and after the 2019 budget

Read more on some of the highlights from the 2019 Budget Speech.

Whilst all reasonable endeavors have been taken by Discovery to ensure the accuracy of the tax calculations inherent in this Personal Income Tax Calculator ("this tool"), this tool does not in any way whatsoever purport to provide advice as defined in the Financial Advisory and Intermediary Services Act 38 of 2002 ("the Act"). Any user of this tool must seek expert advice from a financial adviser duly registered under the Act. Discovery cannot guarantee the accuracy of the results of calculations provided since minimum information is utilized. It is the obligation of the user to supply information that is accurate and placed within the relevant fields. Discovery will not be liable to any user for any loss or damage arising from the use of this tool. Discovery's User Agreement must also be accepted by any user of this tool. The link to the User Agreement is: https://www.discovery.co.za/portal/individual/terms-and-conditions

 

Copyright Discovery Ltd is the licensed controlling company of the designated Discovery Insurance Group. Registration number: 1999/007789/06.
Companies in the Group are licensed insurers and authorised financial services providers.

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