Help me understand this (saving account)

DTBA

DTBA

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Can some one please explain this to me.


I was getting a new card the other day at FNB and the lady asked if I have a saving account because I could sign up for this( https://www.justmoney.co.za/products/fnb-money-maximiser/)

So I signed up and moved some money over to the account (FNB Money Maximiser)
Opening balanceR100,000


Now I came across this on sars .

Tax Free Investments | South African Revenue Service

Tax Free Investments were introduced as an incentive to encourage household savings. This incentive is available from 1 March 2015.
www.sars.gov.za www.sars.gov.za

1728053496017.png
Am I gonna have to pay for % of that R 100 000 rand I put in ?
 
DTBA said:
Can some one please explain this to me.


I was getting a new card the other day at FNB and the lady asked if I have a saving account because I could sign up for this( https://www.justmoney.co.za/products/fnb-money-maximiser/)

So I signed up and moved some money over to the account (FNB Money Maximiser)
Opening balanceR100,000


Now I came across this on sars .

Tax Free Investments | South African Revenue Service

Tax Free Investments were introduced as an incentive to encourage household savings. This incentive is available from 1 March 2015.
www.sars.gov.za www.sars.gov.za

View attachment 1762105
Am I gonna have to pay for % of that R 100 000 rand I put in ?
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From the link:

Are FNB Money Maximiser savings tax-free?​

Savings in the FNB Money Maximiser account are subject to tax as they accrue interest.

This interest forms part of your taxable income and needs to be declared in your annual tax return.

However, FNB also offers tax-free savings accounts that allow you to save a set amount every year without paying tax on the interest earned (the annual limit is R36,000, and the lifetime limit, R500,000)
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So not a tax free saving account. So no penalty. You should be maximising a tax free saving account first before moving to other interest bearing saving account.
 
rh1 said:
From the link:



So not a tax free saving account. So no penalty. You should be maximising a tax free saving account first before moving to other interest bearing saving account.
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Thanks you will start doing it this year so no more then 36 000 into account like that. Will fnb warn you if you pay in more then that? or allow it
 
DTBA said:
Thanks you will start doing it this year so no more then 36 000 into account like that. Will fnb warn you if you pay in more then that? or allow it
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FNb has crap tax-free saving accounts. Rather look into Easy Equities or Sygnia. And don't put a cent into your TFSA unless you plan to leave it there for 20+ years.
 
Thanks guys, almost gave myself a heart attack
 
Read up it?
Monthly feeR65

Absa has similar & no monthly fees
Cash Invest Tracker 8.65%
 
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Guys I have a similar situation, I have a capitec savings account and I'm doing a side hustle business from home I am almost at 36k but on my banking app it's automatically set to "yes" for liable to pay tax. From what I read on Google the tax year starts in March and ends in Feb? I'm at around 31k now. Will I be taxed if i exceed 36k total income? Will SARS contact me?

Can I open a savings account with for example standard bank and have money come in that account rather to avoid exceeding the threshold? Or will it carry over from my capitec account? Please advise me, I don't have much knowledge about this.
 
Irfaan786 said:
Guys I have a similar situation, I have a capitec savings account and I'm doing a side hustle business from home I am almost at 36k but on my banking app it's automatically set to "yes" for liable to pay tax. From what I read on Google the tax year starts in March and ends in Feb? I'm at around 31k now. Will I be taxed if i exceed 36k total income? Will SARS contact me?

Can I open a savings account with for example standard bank and have money come in that account rather to avoid exceeding the threshold? Or will it carry over from my capitec account? Please advise me, I don't have much knowledge about this.
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Can you explain which Tax Free savings account product you have with Capitec? Like the proper product name.

I would suspect you probably have some normal savings account, and not a TFSA.
 
Satrix TFSA split 50% nasdaq and 50% S&P500

dollar hedged. add and forget about it
 
supersunbird said:
Can you explain which Tax Free savings account product you have with Capitec? Like the proper product name.

I would suspect you probably have some normal savings account, and not a TFSA.
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I would go high risk for TFSA not meh interest see post above...
 
supersunbird said:
Can you explain which Tax Free savings account product you have with Capitec? Like the proper product name.

I would suspect you probably have some normal savings account, and not a TFSA.
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I have a global one savings account with capitec
 
Irfaan786 said:
I have a global one savings account with capitec
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Then you do not have a TFSA and thus do not have to worry about any annual R36 000 TFSA contribution limit.

If you had like R500 000, then you'd have start worrying about breaching the annual R23 800 interest income exemption limit.
 
supersunbird said:
Then you do not have a TFSA and thus do not have to worry about any annual R36 000 TFSA contribution limit.

If you had like R500 000, then you'd have start worrying about breaching the annual R23 800 interest income exemption limit.
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well I wouldnt worry about it its just that you would pay tax on it
 
supersunbird said:
Then you do not have a TFSA and thus do not have to worry about any annual R36 000 TFSA contribution limit.

If you had like R500 000, then you'd have start worrying about breaching the annual R23 800 interest income exemption limit.
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Ok I thought I have a tax free account because it's a savings account, I almost freaked out because I'm edging closer to 36k

Just one more thing, is the "yes" for liable to pay tax on my banking app normal for everyone? Because that also has me worrying
 
Guys don’t do this kak with the banks.

If you have a Home Loan and you have the discipline put it in there instead.

Otherwise get a TFSA with a real investment company.

The fees alone on this stuff with the banks makes it a negative investment.
 
SauRoNZA said:
Guys don’t do this kak with the banks.

If you have a Home Loan and you have the discipline put it in there instead.

Otherwise get a TFSA with a real investment company.

The fees alone on this stuff with the banks makes it a negative investment.
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ah yes this ALWAYS KILL ALL DEBT HL INCLUDED then invest NEVER before
 
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