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I own half of 2 properties plus earn R7000pa interest on savings. Do I have to pay tax?

Posted 5 August 2013

Hi Tim,I am retired and earn approximately R7000 pa in interest on savings. Do I need to register as a tax payer? I am joint owner of our permanent residence plus a beach cottage.Many thanksBev

TaxTim TaxTim says:
7 August 2013 at 18:28

What is the value of the rest of your income earned? Is it over R104 611 for the year? The interest alone of R7000 is under this threshold and is actually exempt on top of the R104 611. So the answer would be No given that situation.

Bev says:
7 August 2013 at 19:28

Thanks so much!

TaxTim TaxTim says:
8 August 2013 at 14:38

Only a pleasure!

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