Blog Q&A Calculators Students Logbook Contact

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?

This entry was posted in Tax Q&A and tagged , . Bookmark the permalink.

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.


Get Inland Revenue Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Let TaxTim
help you
submit your
Tax returns!



TaxTim will help you:
  • Do Your Tax Return Easily
  • Avoid penalties
  • Save money
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Get started