Are you older or younger than 65? the interest exemption is R23 800 for under 65 year old and R34 500 for over 65 year old. The interest income forms part of both the above thresholds, so you will declare the entire lets say your interest income was R60 000, you will declare this to SARS, SARS will allow your exemption according to your age and then calculate tax on the remainder, but because the reminder is less than R75000 (2017 tax year threshold) you wont be due to pay any tax to SARS on the interest you received. Remember even in you are not liable to pay tax you are still required to submit a tax return to declare this income to SARS, you are welcome toRegister for TaxTim and allow us to help you file.
Get SARS Tax Dates and Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.