If you exceed the annual and lifetime limits, there are penalties (SARS will charge you a 40% tax on all contributions that exceed these amounts – so don’t over contribute). You will have to monitor your contributions across all tax-free savings accounts and make sure all your contributions amount to only R 30 000 per tax year.
Any amount that you withdraw from your account will count towards your annual and lifetime limit. If you have contributed R 30 000 and withdraw
R 15 000 in the same year, you cannot deposit any more funds as you have already used your R 30 000 contribution allowance. It’s all about the contribution limit, so withdraw funds wisely!
To make the process straightforward, SatrixNOW automatically issues you with a tax-free savings account (TFSA) when you open a standard account. No additional application forms, no verification process...
All you need to do is select the TFSA from your drop-down menu (view an example here) and then make your tax-free investment in three easy steps.
|COMPARE||SatrixNOW STANDARD||SatrixNOW TFSA|
|CAPITAL GAINS TAX (CGT)||EXEMPT|
|DIVIDEND WITHHOLDING TAX (DWT)
ON DIVIDENDS EARNED
|TAX ON INTEREST EARNED||EXEMPT|
|MONTHLY ACCOUNT COST||FREE||FREE|
|MINIMUM INVESTMENT AMOUNT||NO MINIMUMS||NO MINIMUMS|
|COMPARISON ON INVESTING||INVESTING R250|
|BROKERAGE COMMISSION EXCL. VAT||R0.63 (0.25%)||R0.63 (0.25%)|
|STATUTORY COSTS||R0.32 (STT EXEMPT)||R0.32 (STT EXEMPT)|
|TOTAL TRANSACTION COST||R0.95||R0.95|
|AMOUNT INVESTED||R249.05 (99.62%)||R249.05 (99.62%)|