You need to declare your total local interest in the Investment Income section of your tax return. This calculator is to assist you on calculating the amount of interest that will reflect as taxable on your income tax assessment.
Individual taxpayers enjoy an annual exemption on all South African interest income they earn, set by SARS every year. This interest exemption has remained unchanged for a number of years and for the 2020 tax year is set at R23 800 for individuals under 65 years old, and R34 500 for individuals 65 years and older. South African retail savings Bonds and any interest from the money in your Medical Savings Account (of your medical aid) can also be taxed.