I am a pensioner and I have R1,000,000-00 on fixed deposit, how much tax will I have to pay? I am 65
By Marc Sevitz · Updated
As a 65 year old you will entitled to your first R104 611 of taxable income to be tax free and a further R34 500 of interest.
So for example if your R1 000 000 attracts 10% p.a then the first R34 500 of the R100 000 interest will be tax free and the remaining R65 500 as it is below the tax threshold.
So for example if your R1 000 000 attracts 10% p.a then the first R34 500 of the R100 000 interest will be tax free and the remaining R65 500 as it is below the tax threshold.