FAQ Blog Q&A Calculators Students Logbook Contact
Earn under R350,000?Click here to see why you still need to file to get your Tax Refund.

I am from the UK, but will get permanent residence in SA, but I have money overseas, will I pay tax

Posted 20 November 2012 under Tax Q&A

Get FREE Help with your Tax Return today from



TaxTim's award-winning tax return services are now free to all Momentum policyholders and Multiply clients:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
If i bring funds into SA and earn interest do I have to pay tax on it, what is the free allowance and then how much is it thereafter please?

This entry was posted in Tax Q&A and tagged , , , , , , , , . Bookmark the permalink.

TaxTim TaxTim says:
5 November 2012 at 1:54

If you bring money into South Africa and invest it somewhere earning interest then you will only be liable to pay tax once you become a tax resident or you spend longer than 183 days in South Africa.

If you do become liable to pay tax then, if you are under the age of 65 and earn no other income, then you will only pay tax on interest earned above R86 356 each tax year.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories

Get FREE Help with your Tax Return today from



TaxTim's award-winning tax return services are now free to all Momentum policyholders and Multiply clients:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started