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How much tax must I pay annually if I'm a pensioner earning investment income only?

Posted 21 July 2016 under Tax Q&A


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Barny says:
20 July 2016 at 19:26

I am 70 years old. IEarn R180,000 interest lumpsum annualy. I have a wife without any income.

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TaxTim TaxTim says:
20 July 2016 at 20:47

Due to your income being investment income, you are allowed to deduct R34500(2017 tax year) from your income as an investment exemption after you've done this you can take the remainder and type it into our SARS income tax calculator to calculate how much tax you need to pay.

Barny says:
20 July 2016 at 21:40

I also have a medical accounts which add up to R21,120.All are doctor's prescriptions.

TaxTim TaxTim says:
21 July 2016 at 8:09

In order to be able to include your Out of Pocket expenses you need to use our Tax refund calculator you need to leave the tax paid section blank and complete your income and expenses only.


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