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How do I declare the income earned from a group savings?

Posted 2 August 2016 under Tax Questions



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Glenda says:
2 August 2016 at 15:12

We have a group savings; we have received a tax certificate for it. How do we claim for it? As there are 3 signatories and in total there are 6 people contributing towards it?

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TaxTimTaxTim says:
2 August 2016 at 15:25

If your group earns interest on the savings, you will all have to declare your share of the interest income on your tax return. if your contributions are the same, you will divide the amount between the 6 of you and each of you will declare the same amount on your tax return.


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