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Tax payable on savings?

Posted 27 August 2015

Miles says:
26 August 2015 at 11:32

What % tax do you pay on interest earned on savings and or fixed deposit.

TaxTim TaxTim says:
27 August 2015 at 13:01

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.

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