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Tax on local interest

Posted 4 February 2013 under Tax Q&A

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Please can you tell me what tax I would pay on say R10,000.00 per month interest
from local money market. I see R22 800 p a is tax free, then the local table applies, does
that mean after 60.000 pa. This would be my only form of income.

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TaxTim TaxTim says:
4 February 2013 at 17:52

So if you are under 65 years of age and earning R120 000 per annum in interest the first R22 800 would be tax free so you would only be taxed on R97 200 which would be at 18%. However the first R63 556 of that would also be tax free as this is the tax threshold so therefore the balance of R33 644 would be taxable at 18%.

Cookie says:
4 February 2013 at 20:29

Thanks so much for your reply, I understand that fully. Trying to get my question answered at SARS was a nightmare. It is so easy, but they don't know what they are doing.

TaxTim TaxTim says:
5 February 2013 at 18:38

Good to know our service is helping taxpayers!


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