Question:
I am a 65 year old single male with a living annuity from whitch I draw R10000 a month plus R10000 a month intrest from investments what will be my tax liability for this monthly sum taking in my tax bracket at 65 before any tax deductables (ie)RAs or med/aid
Answer:
Alex,
You will pay tax of around R1 841 pm based assuming a tax-free interest exemption of R23 400 per annum.
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
