As we head towards the end of the 2021/2022 tax year, now is an opportune time to make sure that you’ve taken advantage of the available tax breaks available to you so as not to leave any ‘free money’ on the table.
Remember, being an individual retirement fund, RAs provide full flexibility when it comes to the structuring of contributions. While you can structure your investment premiums to run as a monthly, quarterly, bi-annual, or annual debit order, you can also choose to make once-off lump sum investments as and when your personal circumstances allow.
Importantly, while the earliest you can access the funds in your RA is age 55, there is no legal requirement that you must convert your RA to a compulsory annuity by any age. It is only upon formal retirement from your RA that you may be liable for tax if you make a lump-sum withdrawal, although this will depend on whether you’ve made any previous withdrawals from your retirement funds and the amount you wish to withdraw.
While you are permitted to have as many TFSAs as you like, keeping tabs on your annual contributions can become a challenge. Remember, any contributions over the R36 000 per year limit will be subject to tax at 40% regardless of your personal tax rate, so staying within your investment limit is advisable.
It is a bad option.
If both TFSA (R36K) and RA (R350k) are maxed. Is there anywhere else i can channel cash & not be worried much about CGT.
crueinvest I need advise please.. i have been staying with my partner for over 2 years not married nor have any marriage agreements..We considered eachother as spouses. Took out a policy and and added him under the spouse option, was i wrong?
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Moneyweb - 🏆 5. / 77 Read more »
Source: eNCA - 🏆 49. / 51 Read more »
Source: eNCA - 🏆 49. / 51 Read more »
Source: Moneyweb - 🏆 5. / 77 Read more »
Karooooo grows third-quarter revenue by a fifth amid sustained growth streakRevenue rose by a quarter in constant-currency terms in the three months to end-November, with subscribers up 18% year on year I have been very fruitful ever since I have been investing with williamchurch09 . contacted Mr William after series of testimonies i saw online, i took courage and started investing with him. I have made my third withdrawal which are ten times the initial investment.
Source: BDliveSA - 🏆 12. / 63 Read more »
Global stocks slide as investors brace for rate hikesUS and German bonds surge on mounting bets that years of loose monetary policy is about to end
Source: BDliveSA - 🏆 12. / 63 Read more »