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Tax Free Savings Accounts

03 Mar 2017

Suzette van NiekerkTax-free savings accounts were introduced on 1 March 2015 with an annual allowance of R30 000. The 2014 Budget stated that the allowance would be increased in line with inflation. Government proposes increasing the annual allowance to R33 000. The current lifetime contribution limit of R500 000 was not amended in the 2017 Budget Speech.

There is a further maximum amount of R350 000 available to an individual to invest in a retirement fund product per annum, depending on the taxable income of the individual.

 

 For more information regarding investment related advice, you are welcome to contact Suzette from Exceed Asset Management (Pty) Ltd, Somerset West office on Tel. 021 852 0382

 

 

 

 

 

 

 

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