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Tax on interest only, no other income

Posted 26 November 2015 under Tax Q&A


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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?

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

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.

Let TaxTim assist you to complete your provisional tax returns and annual tax return and submit to SARS.


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help you
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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!

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