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Finance Minister Pravin Gordhan has unveiled personal tax cuts totaling R6.5-billion across all income brackets in the Budget for the 2010-11 financial year. This compares with cuts of R13.6-billion rand in 2009-10 and R7.7-billion in 2008-09.

Addressing Members of Parliament on Wednesday during his maiden 2010/11 Budget presentation, Gordhan said "moderate" tax relief had been proposed for households to assist in sustaining South Africa's economic recovery.

"We do not propose to raise the overall tax burden this year," he said, adding that most of the personal tax relief was aimed at taxpayers in lower income brackets.

Taxpayers with an annual taxable income below R150 000 will receive 24.6 percent of the proposed tax relief; those with an annual income between R150 001 and R250 000, 28.8 percent; those with an annual income between R250 001 and R500 000, 26.2 percent; and those with an annual income above R500 000, 20.4 percent.

Tax break for elderly

Someone earning R80 000 a year will pay tax at an average rate of 5.2 percent and save R504; someone earning R250 000 a year will pay tax at an average rate of 17.6 percent and save R1614; someone earning R750 000 a year will pay tax at an average rate of 30.6 percent and save R3 534.

Under the new tax proposals, the income tax threshold for people under 65 will be raised to R57 000 from R54 200, while over 65's will need to earn R88 528 before paying any tax compared to R84 200 currently.

The primary rebate for taxpayers will rise to R10 260 from R9 756 while the secondary rebate will increase to R5675 from R5400.

Tax-free savings thresholds ? interest and dividends - will also be raised to R22 300 from R21 000 for taxpayers under 65 and to R32 000 from 30 000 for taxpayers over 65. The treasury described these adjustments as "in line with government's goal of encouraging greater national savings."

The threshold on foreign interest and dividends was raised to R3700 from R3500.

Taxes upon death to be reviewed

Meanwhile, it was proposed that the monthly monetary caps for tax-free medical scheme contributions be increased with effect from 1 March from R625 to 670 for each of the first two beneficiaries and from R380 to R410 for each additional beneficiary.

The proposed conversion of these deductions into non-refundable tax credits has been postponed until 1 March 2012.

On lump-sum exemptions for termination of employment, which has remained at R30 000 for many years, it was proposed that this be merged into the retirement lump sum benefit system and that the qualifying lump-sums be taxed by applying the tax table for retirement fund lump-sum benefits.

Following up from last year's announcement, Treasury said the SITE system of tax would be repealed from 1 March 2011.

While no changes were made to capital gains tax or estate duty, Treasury said "taxes upon death will be reviewed."

Calculate how much you will save on you taxes or how much will you have to dock up for your sins in our sin tax calculator.