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  • ?

    北京赛车qq群机器人:TAX FREE INVESTMENTS

    What is it?

    Tax Free Investments were introduced as an incentive to encourage household savings.? This incentive is available from 1 March 2015.
    ?

    How will it work?

    The tax free investments may only be provided by a licenced bank, long-term insurers, a manager of registered collective schemes (with certain exceptions), the National Government, a mutual bank and a co-operative bank.? Service providers must be designated by the Minister in the Gazette. As per the current Regulation, only the above are designated.

    This is how it will work:
    • You don’t have to pay income tax, dividends tax or capital gains tax on the returns from these investments.
    • You can only contribute a maximum of R33 000 per tax year (annual limit). The amount increased from R30 000 to R33 000 from 1 March 2017.
      • Note that any portion of unused annual limit is forfeited (that is, it is not carried forward to the new tax year).? Example: Taxpayer X invests R27 000 in year 1.? The unused portion of R6000 is NOT roll-over to year 2.? In year 2, the taxpayer can only invest R33 000 as per the annual limits.
    • There is a life time limit of R500 000 per person.
    • If a person exceeds the limits, there is a penalty of 40% of the excess amount.? Example: Taxpayer X invests R35 000 – exceeded the annual limit by R2000, 40% of R2000 = R 800 must be paid to SARS. This penalty is added to the normal tax payable on assessment.
    • A person?can have more than one tax free investment, however, you are limited to the annual limits per tax year.?This means?you can invest for example R11 000 (Old Mutual), R11 000 (Investec) and R11 000 (Absa).? The same will apply if for example you invest in your minor child’s name.
    • Note that when returns on investment are added to the capital contributed, the balance may exceed both the annual and/or lifetime limit.? The capitalisation of these returns within the account does not affect the annual or lifetime limit. E.g. If you invest R33 000 for the year and receive a return of investment of R5 000, which you have chosen to capitalise, the total amount in the account will be R38 000. The following year, you will still be able to invest your full R33 000 for year.
    • However, where a person withdraws the returns and reinvests the same amount, that amount is regarded as a new contribution and impacts on both the annual and lifetime limits. Note that any withdrawals made cannot be replaced, be it returns or capital.
    • In a media statement dated 1 March 2017, National Treasury announced that the transfers will be effective only from 1 March 2018. The Regulation will be amended accordingly.
    • Parents can invest on behalf of their minor child.? The minor child will use his/her own annual or lifetime limits.
    • Tax free investment accounts cannot be used as transactional accounts.
    • Debit or stop orders and ATM transactions will not be possible from these accounts.
    • Only new accounts will qualify as the idea is to encourage new savings, in other words existing accounts may not be converted.

    Which accounts will qualify as TFI?

    • Fixed deposits
    • Unit trusts (collective investment schemes)
    • Retail savings bonds
    • Certain endowment policies issued by long-term insurers
    • Linked investment products
    • Exchange traded funds (ETFs) that are classified as collective investment schemes.

    What must I do next?

    Enquire from a service provider about?investing in?a tax free investment.

    北京赛车pk10技巧 www.zzff8.com Service providers will provide SARS, twice a year, with the following info:

    • Total contributions per tax year;
    • Total amounts withdrawn per tax year;
    • Total amounts transferred per tax year;
    • Total returns on investment for example: interest, dividends, capital losses and capital gains.
    The service providers will provide these taxpayers with this information by issuing an IT3(s) Tax Free Investment certificate annually.
    ?

    Need help?

    Last Updated: 25/06/2018 10:39 AM     print this page ?
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  • 咨询成果推介泸州长江生态湿地新城概念性规划 2019-08-23
  • “沙雕世界杯”作品亮相舟山 2019-08-23
  • 五月份经济运行稳中向好——新动能茁壮成长 企业效益持续改善 2019-08-21
  • 鸟儿自由欢歌,只盼春天到来 2019-08-21
  • 敲黑板!“信息公开”不是“隐私公开”! 2019-08-18
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-08-16
  • 林志玲现身机场穿粉色上衣变活力少女 2019-08-14
  • 向“久拖不办”背后“伪作为”顽疾坚决说不 2019-08-11
  • 全国京东大鼓星火日活动举行 2019-08-08
  • 大牌开讲了丨颈椎有“烦心事”,听骨科专家如何化解 2019-08-07
  • 商务部公布多项进口产品反倾销调查文件 2019-08-07
  • 旅游市场再创佳绩端午假期河北接待游客2026.77万 揽金147.79亿 2019-08-03
  • 这是很容易检验的!家庭是按需分配的,也是各尽所能的。笑博士在家中,除按需分配外,还有什么是需要从家中按劳分配的,跟大家讲讲如何? 2019-08-01
  • 候选企业:泸州老窖股份有限公司 2019-08-01
  • 霍金长眠英国“荣誉宝塔尖” 2019-07-31
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