Most South African consumers have not fully utilised their tax free savings benefit

Most South African consumers have not yet utilised their tax free savings benefit for 2016, and they only have until 29 February 2016 to make use of their annual R30 000 contribution limit into a tax free investment of their choice. With only a few days before the conclusion of this tax year, those who manage to make use of this opportunity will be pleased they did so when they receive the earnings. “69% of our customers who have invested in a Tax-Free Savings Account have not used their full R30 000 tax free saving opportunity.” says Pieter Du Toit, CEO: FNB Investments. “Maximising this small window is a smart financial move for two reasons. Firstly you will benefit from the tax free investment and secondly because the longer you invest your money for, the more you will benefit from earning compounded returns over the period of your investment. With your returns also being tax free, this benefit is further increased.” To make the most of the tax free benefits...