bank accounts and finance help
What should I do to start paying taxes on interest on my bank accounts?
When I stayed home to care for my children, and therefore do not pay taxes, do not have to pay tax on the interest I earned on my current and savings accounts. I have resumed working. Now that I am a taxpayer, how I can reverse this trend? Is it necessary to go to my bank or obtain a form from the Tax Office? Is there anything that can be completed online? Definitely not how. Please help.
It seems that many do not know how the system works. Tax is normally deducted at source by the bank, but I have already signed a R85 form for interest paid to you gross. Now you should contact the bank and tell them that this is no longer applicable. They will begin to deduct income tax again. Some banks need to fill out a form for them but many act on a bill.