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Is there income tax payable on interest received from SARS?

Posted 12 August 2015 under Tax Q&A


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Rika says:
12 August 2015 at 11:38

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

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

TaxTim TaxTim says:
12 August 2015 at 12:15

Yes, interest income from a South African source earned by a SA tax resident is taxable however there is an annual exemption for individuals of R23,800 (under age 65 years) and R34,500 (over age 65 years).

This is in Section 10 (1) (i) of the Income Tax Act.


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started