Affluent people should embrace the opportunity to invest in tax-free savings products, according to Patrick Sheehy, head of product management at Glacier by Sanlam. "Personal taxes have just increased and we're likely to see more increases in future in other taxes as well - not to mention increasing electricity costs and the like," said Sheehy. In his view tax free savings accounts could shelter affluent clients from the effects of any future tax changes to their portfolio. "The reality … [Read more...] about Not only poor benefit from tax free savings
tax free
Quick and Easy tax-free saving
The final notice and regulations that allow for the introduction of Tax Free Savings and Investment Accounts (TFSAs) have been approved by Finance Minister Nhlanhla Nene. This will come into effect from 1 March 2015, the start of the new tax year. The incentive, said National Treasury in a statement on 20 February, is an important tool to encourage South Africans to save more and to reduce household indebtedness and vulnerability. It complements initiatives and incentives to promote … [Read more...] about Quick and Easy tax-free saving
Tax free savings accounts
National Treasury has published the draft Notice and Regulations required to allow the introduction of tax free savings accounts as of March next year. The draft Notice and Regulations aims to encourage people to save. The draft Regulations detail the products that will qualify as ‘tax free investments’ to be included in the tax free savings accounts, the disclosure requirements in respect of those products and the process for transferring amounts within a tax free savings account to a … [Read more...] about Tax free savings accounts
