FREE TO READ | Tax-free savings: start early and reap the benefits
Don't be one of those contributing to SA's notoriously poor savings culture
The Covid-19 and economic crisis has taught investors to take nothing for granted, and planning ahead financially will at least allow us to regain some control of our lives.
Tax-free investing is offered by the government as a perk to encourage South Africans to save: up to R36,000 can be invested annually, tax free.
This releases the power of compound interest as the investor pays no tax on their investment gains, which includes interest income. The lifetime tax-free limit is R500,000 and any withdrawal made may not be replenished. It is advised to leave it untouched for as long as possible to reap the full benefits.
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