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Call for comment: Non-retirement savings: Tax free savings accounts

02 April 2014   (0 Comments)
Posted by: Author: National Treasury
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Author:  National Treasury

"Tax-preferred savings accounts, first mooted in the 2012 Budget Review as a measure to encourage household savings, will proceed. As previously announced, these accounts will have an initial annual contribution limit of R30 000, to be increased regularly in line with inflation, and a lifetime contribution limit of R500 000.

The account will allow investments in bank deposits, collective investment schemes, exchange-traded funds and retail savings bonds. Eligible service providers will include banks, asset managers, life insurers and brokerages.” 2014 Budget Review 

"Legislation to allow for tax-exempt savings accounts will proceed this year, to encourage household savings”. 2014 Budget Speech 

The public is invited to comment on the principles, allowable savings and investment products, and the two options to deal with non-compliance to the annual contribution limit contained in the press release issued in this regard, please click here.

The SAIT will be making a submission to the National Treasury on this matter.  Kindly submit all comments to by no later than 23 April 2014

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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