What income is exempt from tax in South Africa?

Last Updated on September 21, 2023 by ufiling

In South Africa, certain types of income may be exempt from tax, either partially or entirely. It’s important to note that tax laws can change over time, so it’s always a good idea to consult the latest information or seek advice from a qualified tax professional.

  1. Interest from a South African savings or investment account: Interest earned on certain types of savings or investment accounts, such as tax-free savings accounts or certain government bonds, may be exempt from income tax.
  2. Dividends from certain South African companies: Dividends received from South African companies that have been designated as “exempt dividends” may be exempt from income tax.
  3. Certain capital gains: The sale of certain assets may be subject to capital gains tax, but there are exemptions for certain categories of gains. For example, the primary residence exclusion allows for a portion of the capital gain on the sale of a primary residence to be exempt from tax, subject to certain conditions.
  4. Foreign employment income: If you are a tax resident of South Africa and work outside the country for more than 183 days in a 12-month period, with at least 60 of those days consecutive, you may be exempt from paying tax on your foreign employment income, subject to certain criteria.
  5. Certain government grants or awards: Some government grants or awards may be exempt from tax, depending on their nature and purpose. For example, certain scholarships or bursaries may be exempt from tax.

It’s worth mentioning that these exemptions may have specific conditions or limitations attached to them, and not all income falls under these exemptions. It’s crucial to review the South African tax laws and consult with a tax professional or the South African Revenue Service (SARS) for the most up-to-date and accurate information regarding tax exemptions.

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