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Tax on R25,000 interest for last year?

Posted 23 July 2015 under Tax Questions



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Anna says:
21 July 2015 at 23:38

I have earned R25,500 interest for the year 2014/15. How much tax do I pay?

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TaxTimTaxTim says:
22 July 2015 at 12:03

If you are under age 65 years, the interest exemption is R23,800. Therefore R1,700 would be added to the rest of your income and taxed at your normal tax rate.

If you are over 65 years, the interest exemption is R34,500 and therefore all of this interest would be tax free.

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Anna says:
22 July 2015 at 16:35

I am a 71 year old overseas investor, does this apply to me too?


TaxTimTaxTim says:
22 July 2015 at 22:46

Apologies, the interest exemption I am referring to applies to interest earned from a South African source. There is no exemption on foreign interest. What other income did you earn in the year? This will determine how much tax you will pay.


Anna says:
22 July 2015 at 22:51

The interest I earned in the tax year 2014/15 is from an ABSA investment account. I am 71 years old and I am not a South African resident. R25.000 is the interest. Is there any Exemption?
Thank you.


TaxTimTaxTim says:
22 July 2015 at 23:12

Did you spend any time in South Africa in the year you received the interest?


Anna says:
23 July 2015 at 0:15

I was in South Africa from 22nd February until 25th April in order to sell my flat in Cape Town, which I had owned for ten years.


TaxTimTaxTim says:
23 July 2015 at 9:13

The interest will be exempt from tax. There is an exemption for South Africa interest, earned by a non-South African resident, who spends less than 183 days in aggregate in South Africa during the year the interest was received.


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