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Do you deduct the interest exemption plus tax threshold from interest income to get the total income

Posted 20 September 2015

Vel says:
18 September 2015 at 16:49

Only income earned is investment income thus interest on savings in bank account. Do you deduct the interest exemption of R23800 plus R70700 from the total to establish income e. G R96000 interest income - R23800 - R70700 = R1500 multiply by 18 % taxes due R270

TaxTim TaxTim says:
20 September 2015 at 12:10

You would say R96 000 - R23 800 which equals R72 200 and then subtract R70 700 and as you say the difference would be taxed at 18%.

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