NOTE:
You need to declare your total local interest in the Investment Income section of your tax
return. This calculator is to assist you on calculating the amount of interest that will
reflect as taxable on your income tax assessment.
Individual taxpayers enjoy an annual exemption on all South African interest income they
earn, set by SARS every year. This interest exemption has remained unchanged for a number of
years and for the 2023 tax year is set at R23 800 for individuals under 65 years old, and
R34 500 for individuals 65 years and older. South African retail savings Bonds and any
interest from the money in your Medical Savings Account (of your medical aid) can also be
taxed.
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