You can earn taxable income up to R114,500 which will be tax free. In addition, there is a R34,500 interest exemption therefore only interest above this amount, will count towards the R114,500 threshold.
Paulsays: 27 January 2016 at 21:39
Hi, just to clarify, interest amount over the R114,500 is divided in two, if married in community of property? so on an income of R190,000 - R114,500 = R75,500 divided by 2 = R37,750 - R34.500 = R3,250, so will be taxed on R3,250 is this correct.
TaxTimsays: 28 January 2016 at 15:37
Please clarify - what is your total income and how much of it is interest?