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Do I pay tax on interest from a fixed deposit?

Posted 19 February 2014

I have a fixed deposit at a bank for 2 years and interest is accrued yearly but paid on maturity, do I pay tax?

TaxTim TaxTim says:
20 February 2014 at 13:54

If the amount is less than R23 800 (for under 65 years old) or less than R34 500 (for over 65 years old) then you will not need to pay tax. Tax is payable on amounts which accrue to taxpayers, regardless of when they get paid.

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