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Foster Wealth Newsflash | January 2019

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Dear Clients

With the tax year swiftly coming to end on 28 February 2019, now is a good time to review ways in which to increase your tax efficiency. Any tax savings means an increased return on investments.

Here is a snapshot of how you can do this:

Retirement Annuity Benefits

Tax-deductible contributions (27.5% of taxable income, up to a limit of R350 000 
per tax year).

No capital gains or income tax is applicable to the growth of the retirement annuity.

No dividend withholding tax is applicable to the retirement annuity

At retirement, any portion used to purchase a compulsory annuity is transferred on a tax-neutral basis.

Tax-Free Savings Account Benefits “TFSA”

• Maximum annual contribution of R33 000 (per tax year)

• Maximum lifetime contribution of R500 000

• No capital gains or income tax is applicable to the growth of the TFSA.

• No dividend withholding tax is applicable to the TFSA.

Please be sure to contact us before 20th February to ensure any additional contributions are captured in good time before tax year-end.

 

 Thomas Foster

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“There are no limits to what you can accomplish, except the limits you place on your own thinking" 
– Brian Tracy

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