Tax on interest only, no other income

Dee says:
26 November 2015 at 18:07

I am a non working wife, married out of community of property. I am not working
I am 55 years old
I have just received R2 000 000. 00 and have invested it in the bank
I receive monthly interest of R10 000 per month, this is my only income. Must I register to pay tax?
What will the monthly tax amount be?

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TaxTim TaxTim says:
26 November 2015 at 21:45

Yes, you should register as a provisional taxpayer.
What is Provisional Tax? How and when?

Your annual tax will be R4,059 on R10,000 interest per month.

See our Tax refund calculator to work it out.

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