Tax Free Savings Plans
Saving in a tax-free savings account gives you flexibility as you don’t have to commit to any future contributions. You can withdraw from your investment at any time. Withdrawing funds, however, may prevent you from reaching your savings goals, and will use up part of your lifetime limit for tax-free savings.
Contributions to a tax-free savings account are made from post-tax income.
A tax-free savings account is therefore an effective way to save for your goals, because any interest, dividends or capital gains from your tax-free savings account will be free of tax.
Tax free Saving are limited to R33,000 per year, or R500,000 over a lifetime.
No tax is payable on withdrawals.