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Annasays: 22 July 2015 at 16:35
I am a 71 year old overseas investor, does this apply to me too?
TaxTimsays: 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.
Annasays: 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.
TaxTimsays: 22 July 2015 at 23:12
Did you spend any time in South Africa in the year you received the interest?
Annasays: 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.
TaxTimsays: 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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