Tax on local interest

LaraC said:
Does your bank have your correct contact and address details?
You could also log onto your internet banking and download it from there.
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Indeed, as I'm curious by nature I just did that and it's there for download, still not fazed, the less the government gets from me the better.
 
Purply said:
Indeed, as I'm curious by nature I just did that and it's there for download, still not fazed, the less the government gets from me the better.
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I don’t think SARS would mind if the interest amount is less than R23800 but they will investigate if you didn’t declare when it is more.
 
Purply said:
Indeed, as I'm curious by nature I just did that and it's there for download, still not fazed, the less the government gets from me the better.
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There's a R23800 exemption, so unless you got over R400 000 earning interest somewhere you don't have to be worried anyway. If you fill in the R1000 interest you earned, on e-filing, on the statement of account, you will just get a minus R1000 on the line below, because its under the threshold.

If you are above the threshold , there will be a -R23800 line as well and just the interest above that will be taxed.
 
If you think about it, SARS should actually give people that SAVE money more tax relief, since without us few, this whole country would implode.

We could just go blow everything on meaningless junk like 70% of SA's population and live off the government when we retire old and broke.

But no, lets pay them more so that we can support these useless idiots that only live in the now with no regard on how their reckless behavior influences the entire country.

That's just me, maybe I'll change my mind in the future :) (unless SARS forcefully changes it for me)
 
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Purply said:
If you think about it, SARS should actually give people that SAVE money more tax relief, since without us few, this whole country would implode.
/snip
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Government does give tax incentives for people who save for their retirement. Retirement annuities and tax free savings accounts comes to mind.
I would have loved it if the tax exemption levels were a bit higher.
 
LaraC said:
Government does give tax incentives for people who save for their retirement. Retirement annuities and tax free savings accounts comes to mind.
I would have loved it if the tax exemption levels were a bit higher.
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The tax exemption amount would have been higher for retirement contributions (27.5%, up from 15%) this current year, if the unions didn't f it up for us. Now we have to wait for 2017 most likely :(.
 
I might not agree with all the tax legislation but avoid advising anyone to under declare any taxable income. SARS is the last government institution you want to have knocking on your door.

Declare your taxable income even if under the threshold. SARS has this information already via all financial institutions. They also get rental income info from estate agents who also must issue an IT3 certificate.
 
On average 40 - 60% of your income goes towards taxes (not going to mention all of them), which means 60% of your working life goes into building your country, which for the most part sounds wonderful, but we all know that is not(and haven't been for some time) the case.

This is also the exact reason why Greece is sitting where it's currently at, the majority of people got despondent due to their leaders inability to govern their country into greener pastures.

Anyways, I'm not saying don't pay what is due, neither do I advocate it, although my action might reflect differently at times.

Thank you for your input and helpful thread, I'm certain it has helped many others that are in the same position.
 
Purply said:
On average 40 - 60% of your income goes towards taxes (not going to mention all of them), which means 60% of your working life goes into building your country, which for the most part sounds wonderful, but we all know that is not(and haven't been for some time) the case.

This is also the exact reason why Greece is sitting where it's currently at, the majority of people got despondent due to their leaders inability to govern their country into greener pastures.

Anyways, I'm not saying don't pay what is due, neither do I advocate it, although my action might reflect differently at times.

Thank you for your input and helpful thread, I'm certain it has helped many others that are in the same position.
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:wtf: if only all of it was...
 
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