How much is the Tax Threshold for (above 65)?
In the 2010/11 tax year the tax threshold for individual tax payers over the age of 65 is R88 528. *This is the amount an individual can earn before having to pay tax. Primary Rebate – R10 260 (under 65) Secondary Rebate – R5 675 (above 65) Interest Income Exemption (under 65) For this tax year a person under the age of 65, can earn R22 300 in the tax year as tax free interest income. In order to earn this interest amount tax free, an individual under the age of 65 could have approximately R318 580 invested in a Money Market fund yielding an average of 7% per annum. Interest Income Exemption (above 65) For this tax year a person over the age of 65, can earn R32 000 in the tax year as tax free interest income. In order to earn this interest amount tax free, an individual over the age of 65 could have approximately R457 140 invested in a Money Market fund yielding an average of 7% per annum. Spouses that are over the age of 65 could have about R914 280 invested in a money market fund yie
