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Annuity received during the year, is it an exempt income?

Posted 31 May 2016 under Tax Q&A
Kgonza says:
31 May 2016 at 15:13

Is the annuity received as an income also part of tax deduction. E. G 1500x12=18000 annuity paid during the year. Must I also include it as a deduction or is it an exempt income?

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TaxTim TaxTim says:
31 May 2016 at 15:44

Annuities received are taxable income, also the institution paying the annuity should issue you with a certificate stating the total income and if any tax was deducted. The income is declared under the other income or annuity income.

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