As per the budget speech on 23 February 2022, we have updated our annual South African Tax Spreadsheet Calculator 2022/ 2023 and it is now available and the online version updated. Using the calculator you will be able to estimate PAYE, SDL and UIF and compare them to DWT taxes if you own your own business.
Free Tax calculator: Latest South African Tax Spreadsheet calculator (with 3 years history)
You can get quick answers from the online version of the latest South African Tax Spreadsheet calculator (which includes 3 years history) (see instructions on YouTube below).
Comment (2023): Some savings in taxes on a like for like basis. If you were lucky enough to get an increase you may pay more, but for anyone who didn’t get an increase, you should have a little bit more money in the bank. Big news is the official move of company taxes from 28% to 27%.
To download the Tax Calculators subscribe to our Free Tips and Tricks Newsletter in the right hand side sidebar of this page. On the Thank You page (a bit lower down) you will find the file. You are welcome to unsubscribe if we can’t help you but we guarantee that the Excel tips and tricks we provide will save you hours in your normal workday.
Want to learn more about Microsoft Excel? If you prefer attending a course and live in South Africa look at the Johannesburg MS Excel 3 Day Advanced Course or the Cape Town MS Excel 3 Day Advanced training course. If you prefer online learning or live outside South Africa, look at our online MS Excel training courses.
See what the calculator can do below
How the South African Tax Spreadsheet Calculator 2022/ 2023 works
When you receive the spreadsheet download, you need to choose your age (for the relevant rebate) and enter your estimated salary for the current year as shown below.
Update: We have included the impact of UIF and SDL on the individual and the company.
For comparison purposes we have left in previous years tax calculations. You can either use the same salary as this year to see like on like impact on your earnings, or put in your actual salaries in those years.
Below the inputs you will see the results as shown below. It shows the breakdown by the various tax types, i.e. the fixed portion, the variable portion and the rebate allowed. At the bottom we have shown the effective tax rate and what it means on a monthly basis. Also shown are the previous years and the cells will change colour depending on whether it is good (green) or bad (reddish) for you.
Salary/ Dividends Mix Optimisation
Update: In this section you can specify whether you qualify for Small Business tax or normal taxes
Underneath the salary tax calculations (as per below) is a calculation to determine, where you have a company, what the correct mix of salary and dividends should be to give you the most effective tax rate.
You need to enter your company profit excluding your salary (1 below). Your salary is assumed to be the one you capture in the salary portion for the current year (2 below) so you do not need to enter it.
The spreadsheet then calculates the company tax and dividends withholding tax you need to pay and combines all three (PAYE, company tax and DWT) to determine your effective tax rate on your company profits.
In the adjacent section of the spreadsheet (after you press the F9 key) you will see at what level of salary your salary/ company tax is most efficient.
To download the Tax Calculators subscribe to our Free Tips and Tricks Newsletter in the right hand side sidebar of this page. On the subsequent ‘Thank You’ page your will find the file. You are welcome to unsubscribe if we can’t help you but we guarantee that the Excel tips and tricks we provide will save you hours in your normal workday.