Guiding consumers since 2009

Government considers bid to encourage savings

By Staff Writer

Finance minister Pravin Gordhan on Wednesday revealed the government’s bid to encourage voluntary savings in South Africa, consideration is being given to the introduction of  tax-exempt short and medium-term savings products.

The proposal is that individuals should be permitted to save up to R30 000 a year, with a lifetime limit of R500 000, in  registered savings or investment products that would be free of tax on interest, dividends or capital gains.

“The current tax free interest income thresholds will be reviewed and possibly phased out as part of this reform and dull details of the proposals can be found in the Budget Review,” said  finance minister Pravin Gordhan.

Recent Articles

Featured Work from home, have meetings at restaurants – the new normal?

With companies moving from static office spaces to working remotely, meetings have predominantly been held online. However, some companies have turned their attention to meeting at variable locations, such as restaurants or hotel conference rooms.

Is a home loan a great savings tool?

There are many saving and investment options available to consumers. What you decide to use is dependent on your circumstances. But should you make your home loan your choice of a savings vehicle and how does that exactly work?

Everything you should know about tax auto assessment

In 2019, the South African Revenue Service (SARS) launched a system, which was dubbed an “auto assessment”, to assist taxpayers with their annual tax returns. But what does this system entail, and how will it impact you?

What does it mean to be a registered Financial Services Provider?

You may have noticed that financial institutions state that they’re registered Financial Services Providers (FSP). But what does this actually mean, and how does this benefit you as a consumer?

Deals

Earn up to 50% of your tax return submission fee back in eBucks

Price: Available on request
When: Daily
Where: Nationwide

Be part of the Belly Of The Beast Weekday Spring Special Lunch

Price: R350
When: From 23 September 2020
Where: Cape Town

Tony’s Roma Breakfast Special

Price: R39
When: Daily
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions