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Interest income declarations from personal investments.

Posted 27 April 2016 under Tax Q&A
Ayihe says:
27 April 2016 at 10:02

On the tax return, where would I declare any other income earned during the tax year from personal savings or investments?

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TaxTim TaxTim says:
27 April 2016 at 11:48

Technically this is included in schedule 20 for amounts which are not subject to tax.
Interest earned on savings and investment are subject to withholding tax, but the bank or unit trust the investment or saving is with, is responsible to deduct the tax from your interest. Therefore you do not pay extra tax on the income.

If you use TaxTim, he will guide you through the process where to declare what income. Give it a try.

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