Tax payable on savings?
By Marc Sevitz · Updated
What % tax do you pay on interest earned on savings and or fixed deposit.
It depends on how much your earnings are and therefore which tax bracket you fall into.
Please note though there is an annual interest exemption of R23,800 (under age 65) and R34,500 (over age 65) so any interest earned below these amounts will attract nil tax.
Please note though there is an annual interest exemption of R23,800 (under age 65) and R34,500 (over age 65) so any interest earned below these amounts will attract nil tax.