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Birthday cash money gift. What to do with tax?

Posted 21 September 2013

Every year I get around R35000-R45000 as a birthday present depending on how generous my extended family is feeling. This never used to be a problem when I was younger as I just used to go out and spend it, but now as I'm getting older I would like to save this money.

My question is if I had to deposit this gift money into my account would I have to pay tax on it?

TaxTim TaxTim says:
23 September 2013 at 9:07

You would only have to pay tax on the interest that the amount would earn in your savings account, if it were greater than R23800 per year, which based on the amount you mention it should not be.

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