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When do I declare interest income?

Posted 3 February 2017 under Tax Q&A

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Johnwr says:
3 February 2017 at 9:57

I earn interest on my medical aid savings, do I declare it to SARS the day I leave the medical aid or at the end of the year I earned it?

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TaxTim TaxTim says:
3 February 2017 at 12:11

Yes you are required to declare the interest to SARS in the year you earned it and not as a lump sum when you resign from the medical aid..


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