Section 12T of the Income Tax Act, introducing the tax free savings account came into effect on the 1st of March 2015. The tax free savings account allows for yearly contributions of up to R30,000 and has a lifetime contribution threshold of R500,000. All receipts and accruals received from the account is exempt from tax and any capital gain or capital loss in respect of the disposal of a tax free investment shall be disregarded.
To this effect the following banks have already made available exciting tax free savings account products:
- Standard Bank
- Old Mutual
A high uptake of this initiative is predicted, hence the importance that you as a tax professional become familiar with the requirements of the tax free savings account.
Continuing Professional Development (CPD)
Webinar participation and successful completion of the online assessment will secure 2 hours verifiable output tax CPD.
Free for SARS registered tax practitioners and SAIT members.
When and where
- 22 April 2015
- Online webinar
Please note that the same content will be covered in two separate sessions:
- 1st session: 12h30 to 14h30
- 2nd session: 15h00 to 17h00