Stoozing and tax

eastofeden

There is one question I have that I hgave not seen discussed. What are the tax implications for a sizeable stooze?

deemy2004

You are taxed on the interest EARNED at 20%, if your a higher rate tax payer than you will have to pay additional tax once you add the figure into your SA return

If your a non taxpayer and your TOTAL gross earnings (including gross interest) is LESS than 4745 (04/05) then there is no tax liability and interest can be claimed gross. (R85)

Walletwatch

Assuming a gross rate of 5%, you can stooze upto 98000, and still not pay any tax, if you are a non-taxpayer, and derive income only from stoozing ;-)

realaledrinker

Except no-one would give a credit card to such a person!

deemy2004

Walletwatch wrote:

Assuming a gross rate of 5%, you can stooze upto 98000, and still not pay any tax, if you are a non-taxpayer, and derive income only from stoozing ;-)

Ahhhhhhhh.......... We can all but dream .......... :beer:

Pity the credit card companies arnt as thick as government departments..........

MarkyMarkD

deemy2004 wrote:

Ahhhhhhhh.......... We can all but dream .......... :beer:

Pity the credit card companies arnt as thick as government departments..........

No need to dream if you earn the income (and hold the cards) and have a non-working spouse who therefore pays no tax.

deemy2004

Thats what wifes are for


duck for the plates...........:)