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Do I declare and pay tax on interest received from my RAF capital?

Posted 19 November 2014

According to your answer on a previous response on road accident fund payout, the funds received does not have to be declared and is non taxable.

What about the interest received on the funds? The interest earned are my only source of income do I have to declare the interest received and pay tax on it?

TaxTim TaxTim says:
19 November 2014 at 9:04

Yes the interest would be taxable for amounts over R23 800 if you are under 65 and R34 500 if you are over 65 years of age. What is the amount of interest earned?

Anneke says:
19 November 2014 at 9:16

Thanks so much for your quick response

TaxTim TaxTim says:
19 November 2014 at 22:31

Only a pleasure!

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