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Tax payment for over 65 years?

Posted 18 January 2015

I am 65 years old married in community of property, I receive a monthly annuity of R5,000, I also receive interest from fixed deposits of R16,000 per month, what would my tax payment per annum be.

TaxTim TaxTim says:
19 January 2015 at 17:32

Please make use of our Tax calculator to find out how much tax you should be paying.

Paul says:
19 January 2015 at 21:30

Hi, what I want to know, is, are the tax threshhold of R110,000, + primary rebate R12,726, + secondary rebate R7,110, + R34,500 tax free amount for investment interest, added together, R173,336 per annum before I pay tax, leaving me with annual tax bill of R14,160.

TaxTim TaxTim says:
20 January 2015 at 12:59

The tax threshold takes into account the rebates as they are the 18% (first bracket) multiplied by the rebates. The R34 500 is extra so effectively you would have about R144 500 tax free interest income.

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