FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Do I pay tax on interest in RSA when living and working abroad?

Posted 6 June 2014

I am a South African but I have been living and working in Thailand for almost 4 years, and thus pay no tax in SA. I only visit SA for about 20 days a year.

I recently married an Australian and we want to open a fixed-deposit account in SA to make use of favourable interest rates.

If we both continue to live and work in Thailand, do we need to pay tax on the interest earned on that account? It will be about R100 000 per year.

TaxTim TaxTim says:
15 June 2014 at 21:34

All income earned in South Africa is taxed due to it being sourced within South Africa. Your wife will not pay any tax on her interest as she will be exempt as she is a non-tax resident. It is best to open the account in her name and have her deposit the money.

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.




Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.