FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Tax Threshold 2013/14 (for income earned as interest)?

Posted 1 March 2013

The tax threshold is R 67111.00. My sole income is R 67110.00 from interest on cash in the bank, one rand less than the tax threshold. I am under the tax threshold, but the income is not active (from work), it is passive(from interest), do I still have to pay tax ?

There is a confusing/conflicting tax break of R 23800.00 for income earned as interest ??
R 23800.00 still falls under the total tax threshold of R 67111.00
Can you elaborate please.

TaxTim TaxTim says:
1 March 2013 at 11:06

The first test on whether tax needs to be paid is R67 111, if you earn less than that amount, regardless of the source of the income then you will not have to pay tax. If you earn more than that solely from interest then in fact the first R67 111 and a further R23 800 would be tax free.

CaptainNemo says:
1 March 2013 at 13:34

Many thanks.
Clear and concise answer.
Much appreciated!

TaxTim TaxTim says:
1 March 2013 at 14:33

Only a pleasure!

This entry was posted in Tax Q&A and tagged , , , . Bookmark the permalink.




Submit your tax return right here!
Get started

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Answer simple questions about your incomes and expenses. TaxTim does the rest. Just click click, submit.

Make tax easy

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.