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Tax on interest-only source income

Posted 10 July 2015 under Tax Q&A


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Tammy says:
9 July 2015 at 21:15

If your only source of income is from interest, how is tax calculated?

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TaxTim TaxTim says:
10 July 2015 at 8:15

What is the amount of interest earned?

Tammy says:
10 July 2015 at 19:18

The yearly interest totals R115000,00.

TaxTim TaxTim says:
10 July 2015 at 19:20

If you are under the age of 65 then the first R23 800 will be tax free thereafter the rest gets added to your other income and taxed depending on what your rate of tax is.

Tammy says:
10 July 2015 at 19:42

Thanks for the prompt response.

If there is no other income, would I have to pay tax? I am under 65. But I understand that you don't have to submit a tax return if you earn less than 350000 a year from a single source.

TaxTim TaxTim says:
10 July 2015 at 20:08

That is not correct at all - that R350 000 threshold is being misquoted all over the media and refers to ONE employer and ONLY a salary with no deductions or any other income or allowances. Taxpayers are going to be in serious trouble with SARS over this and there will be penalties issued all over the place. See our article for 5 reasons you still need to file in 2015.

You do need to file, but your tax will be about R4000 in total. We can assist you in filing and submitting if your Register for TaxTim


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