MONETARY LIMITS IN FISCAL LEGISLATION

 Section of Income Tax Act

Nature

Present Monetary Limit

Effective

Date of last change

8(1)(c)(ii)(aa)

Subsistence allowance

$190 per day

27/6/03

8(1)(c)(ii)(bb)

Subsistence allowance

R190/R65 per day

27/6/03

10(1)(i)(xv)(aa)

Foreign dividends and interest exemption

R1 000

1/3/03

10(1)(i)(xv)(bb)(A)

Domestic Interest

R15 000 (over 65)

1/3/03

10(1)(i)(xv)(bb)(B)

Domestic Interest

R10 000 (under 65)

1/3/02

10(1)(q)

Bursaries

R60 000 per annum

1/3/02

10(1)(q)

Bursaries

R2 000 per bursary

1/3/02

10(1)(x)

Retirement gratuity

R30 000

1/1/84

11(gA)(aa)

Intellectual property

R5 000

1/3/02

11(k)(i)

Pensions

R1 750

1/8/80

11(k)(ii)(aa)

Arrear pension

R1 800

1/1/85

11(m)

Annuities

R2 500

1/1/85

11(n)(aa)(B)

Retirement annuities

R3 500

1/1/80

11(n)(aa)(C)

Retirement annuities

R1 750

1/1/80

11(n)(bb)

Arrear retirement annuity

R1 800

1/1/85

11(t)

Housing

R6 000

1/1/83

11(u)

Entertainment

R2 500

1/1/85

12E

Small business corporations plant and machinery deductions

R5 000 000

1/4/03

12H

Learnership allowance

R17 500/R25 000

1/10/01

23H

Limitation of deductions

R50 000

23/2/00

30

Public benefit organisations

R25 000

15/7/01

56(2)(a)

Donations tax-casual gifts

R10 000

1/3/02

56(2)(b)

Donations tax-general

R30 000

1/3/02

66(1)(b)(ii)(aa)

Tax returns (over 65)

R10 000

1/3/02

66(1)(b)(ii)(aa)

Tax returns (under 65)

R6 000

1/3/02

75(3)

Fine-offences

R50 per day or 12 months

12/7/91

83A

Specially constituted board

R30 000

1/10/97

89 quat (2)

Companies and provisional tax

R20 000

28/2/86

89 quat (2)

Individuals and provisional tax

R50 000

28/2/87

89 quat (4)

Provisional tax - credits

R10 000

1/9/93

89 quat (4)

Provisional tax - companies

R20 000

28/2/86

89 quat (4)

Provisional tax - individuals

R50 000

28/2/87

107(2)

Fine-regulations

R2 000

1/3/01

First Schedule Paragraph 12(5)

Housing

R6 000

1/1/83

Section of Income Tax Act

Nature

Present Monetary Limit

Date of last change

Second Schedule

Paragraph 1

Formula A

Highest annual average salary

R60 000

1/1/87

Formula B

Lump sum exempt portion

R120 000

1/1/87

Formula B

Exempt lump sum

R4 500

1/1/87

Paragraph 5(2)(a)

Deduction

R24 000

1/1/87

Paragraph 5(2)(b)

Deduction

R60 000

1/1/87

Paragraph 6

Withdrawal from pension or provident fund

R1 800

1/3/84

Fourth Schedule

 

 

 

Paragraph 11B 2(a)

Earnings ceiling for SITE

R60 000

1/3/97

Paragraph 11B 2(b)

Earnings ceiling for SITE

R60 000

1/3/97

Paragraph 11B 3(a)

Earnings ceiling for SITE

R60 000

1/3/97

Paragraph 11B 3(b)

Earnings ceiling for SITE

R60 000

1/3/97

Paragraph 18 (1) (a)

Provisional tax exemption

R10 000

1/1/03

Paragraph 18 (1) (d)

Provisional tax - natural persons over 65

R80 000

1/3/01

Seventh Schedule

 

 

 

Paragraphs 5(2)(a) & (b)

Bravery and long service awards

R5 000

1/3/02

Paragraph 9

Residential accommodation

R20 000

1/3/85

Paragraph 10(1)(a)

Free services

R500

1/3/85

 

 

 

 

Eighth Schedule

 

 

 

Paragraph 5(1)

Annual exclusion

R10 000

1/10/01

Paragraph 5(2)

Annual exclusion (death)

R50 000

1/10/01

Paragraph 45(1)

Primary residence exclusion

R1 million

1/10/01

Paragraph 57(1)

Small business assets

R5 million

1/10/01

Paragraph 57(3)

Disregarded gain

R500 000

1/10/01

Paragraph 57(6)

Business assets

R5 million

1/10/01

 

 

MONETARY LIMITS IN FISCAL LEGISLATION

 

Section of Value-Added Tax Act

Nature

Present Monetary Limit

Date of last change

1 "Commercial accommodation"

Definition

R60 000

01/1/04

8(4)(a)

Lay-by sales

R10 000

30/9/91

15(2)(b)(i)

Cash basis ceiling

R2,5 million

30/9/91

15(2A)

Payments basis

R100 000

4/7/97

18(5)

Adjustments

R40 000

30/9/91

20 (1A)

Issue of tax invoices

R1000

12/12/01

20(5)

Tax invoices

R1000

12/12/01

20(6)

Tax invoices

R50

2001

20(8)

Second-hand goods

R1 000

29/9/98

23(1)

Registration threshold

R300 000

24/11/99

23(3)

Minimum supplies

R20 000

24/11/99

27(3)(a)(ii)

Payment dates

R30 million

30/9/91

27(4)(c)

Farming

R1 million

30/9/91

27(5)(b)

Rules on threshold

R30 million

30/9/91

27(5)(b)

Rules on threshold

R1 million

30/9/91

33A

Specially constituted board

R30 000

24/11/99

44(1)

Refunds

R25

24/11/99

44(3)(b)

Refunds

R25

24/11/99

44(4)

Refunds

R25

24/11/99

59(1)

Fine-offences

monetary amount or 60 months

24/11/99

 

 

 

 

 

 

 

 

 

Updated : 12 October 2004