Your tax questions answered

Senior Financial Planner, Marietjie Oosthuizen, answers frequently asked questions around the impact of tax on their retirement annuity and tax-free savings investments.

 

When is my last day to contribute towards my retirement annuity and tax-free savings for the 2019 financial year?

All contributions need to reflect in the respective bank account by no later than Friday the 28th of February 2019 at 12:00. Your contributions can be made as follows:

  • An EFT payment
  • A collection done by 27four Client Services
  • Direct bank deposit

 

You can access the necessary application forms by clicking here.

 

Requirements for ad hoc contributions towards retirement annuities and tax-free savings?

  • Retirement annuity additional investment form and proof of deposit
  • Tax-free savings additional investment form and proof of deposit

 

The above should be sent to 27four Client Services unittrust@27four.com for processing.

 

What are the minimum contribution/s on a retirement annuity?

  • Monthly investment minimum: R500
  • Lump sum minimum: R10 000
  • Ad hoc minimum: R1 000 (direct deposits) or R10 000 (collections by 27four)

 

How do I make sure that I do not go over the maximum investment limit on my tax-free savings account?

The investor is responsible for ensuring they do not go over the limit of R33 000 for the tax year and R500 000 in their lifetime. You are able to have more than one account at various service providers but keep in mind that the limits apply to all tax-free savings investments in the investors name and not per account. You are welcome to check your current balance and limits at any time either through 27four Online or by contacting 27four Client Services. You can also speak to your financial advisor to ensure you remain within the prescribed limits.

 

Can I open a tax-free savings account for my child?

You may open the account in either yours or your child’s name but bear in mind that the investment in your child’s name forms part of their lifetime contribution and any withdrawals will only be made in to a bank account in their name. If the account is in the parents name and intended for the child, the parent is still responsible to declare details of the investment in their tax return.

 

Who can I speak to regarding tax advice?

27four Investment Managers does not provide tax advice and it is the responsibility of the investor to make informed decisions. 27four Client Services will be able to provide direction and information as well as provide details of tax advisors in our network.

 

How can I get access to my tax certificates?

You can access your tax certificates online via 27four Online or by getting in touch with Client Services.