Absa Stockbrokers Tax Free Savings Account is offering zero brokerage* fees for the month of February 2016 for all trades on TFSAs. That means clients will not be charged any brokerage* for the month of February 2016 on any trades that are done on a Tax Free Savings Account with Absa Stockbrokers. Remember, you have only until the end of February to use your current tax free allowance. On 1 March, you will be given your new annual limit of R30 000.
With Absa Stockbrokers you can invest in exchange traded funds in your TFSA account and get exposure to both the local market and offshore. Once you login you can view product information on all ETF’s to help you choose the right ETF for you.
Key features of the TFSA account are:
–
There is a R30 000 annual(from 1 March to 28/29 February)contribution limit and a R500 000 lifetime contribution limit. This means you cannot deposit more than these limits annually or over the lifetime. There are penalties for exceeding the R30 000 annual contribution limit.
–
Currently only selected Exchange Traded Funds (ETFs) are suitable.Visitour website to view the TFSA Approved list available.
–
Profits made in the TFSA account do not contribute to your existing tax annual limits (interest and capital gains), and may be re-invested in the TFSA account without utilising the contribution limit, provided they are not withdrawn.
–
All proceeds of the investment after the initial contribution are considered tax free (interest, capital gains and dividends) and can be re-invested without counting towards your annual and/or lifetime limits.
–
No Securities Transfer Tax (STT) on purchases.
–
No Capital Gains Tax (CGT) when you sell these products.
–
No Dividend Withholding Tax (DWT) on dividends earned.
–
No tax on interest earned.
*Statutory fees still apply, which are STRATE settlement, Investor Protection Levy and VAT.
For any further assistance or to give your feedback please contact:0860 05 04 03.
