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I am a pensioner and I have R1,000,000-00 on fixed deposit, how much tax will I have to pay? I am 65

Posted 4 April 2013 under Tax Q&A

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TaxTim TaxTim says:
5 April 2013 at 10:28

As a 65 year old you will entitled to your first R104 611 of taxable income to be tax free and a further R34 500 of interest.

So for example if your R1 000 000 attracts 10% p.a then the first R34 500 of the R100 000 interest will be tax free and the remaining R65 500 as it is below the tax threshold.

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