Max your returns with zero tax! Open or top-up your tax-free savings account (TFSA) before the start of the new tax year, 29 February 2024. Doing so before the new tax year means you can benefit from tax concessions for the 2023 tax year and still qualify for tax relief on retirement annuities and tax-free savings accounts.
Scroll down for details or contact our client services team to get started 0800 000 274 or retailclients@27four.com.
Follow the simple 3-step process before our cut off time of 12:00 PM on 28 February 2024:
Frequently asked questions:
What is a TFSA?
A tax-free savings vehicle introduced by government to encourage people to save.
So there’s zero tax?
Yes. No tax on interest or other income, no dividends tax and no capital gains tax.
Are there any limits?
Yes. R36 000 per financial year or R500 000 over your lifetime.
What if I exceed the limits?
There is a penalty of 40% on the excess payable to SARS.
Can I withdraw my money?
Yes. Withdraw your savings whenever you want.
Are there estate benefits?
Your TFSA forms part of your estate and may not be ceded or paid to any third party.