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Section 24J - Accrued Interest

Posted 23 July 2013

Mostly interested in understanding how the accrued method works. When is interest reported to SARS as accrued, and how can I be sure my bank is reporting correctly?

TaxTim TaxTim says:
28 July 2013 at 21:15

You would submit the interest earned/accrued to you for the period 1 March 2012 to 28 February 2013. You can ask the bank to provide you with an IT3b interest statement for this period in order to submit with your ITR12 tax return.

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