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Investing

The best way for South Africans to reduce their tax bill in 2024

With the end of the current tax year approaching fast, now is the perfect time to start investing in a Tax-Free Savings Account (TFSA) from Rand Swiss.

A TFSA is a unique investment structure that allows South Africans to invest R36,000 per tax year – up to a lifetime contribution limit of R500,000 – in an account that does not charge any tax on the interest, dividends, and growth returns.

With the 2023/24 tax year ending on 29 February 2024, there is no better time than now to open a TFSA and benefit from tax-free returns.

This is because you can contribute up to R36,000 before the tax year-end on 29 February – and then contribute another R36,000 after 1 March as part of your 2024/25 TFSA allocation.

By doing this, you will have a higher starting balance on which to accrue tax-free earnings in the years to come.

Rand Swiss TFSA

To maximise your tax-free returns, you must invest in the right TFSA – and Rand Swiss is your best choice.

A Rand Swiss TFSA delivers exceptional performance thanks to the Rand Swiss strategy to prioritize reliable, high-performance investments.

For example: making the maximum contribution of R36,000 per year up to the R500,000 maximum will take approximately 14 years.

If you choose a Rand Swiss TFSA that puts your money in the S&P500 – and the S&P500 achieves a 14% annual return – you will earn the following:

  • 18 years of growth – R2.6 million
  • 25 years of growth – R6.5 million
  • 65 years of growth – R1.2 billion

Based on these numbers, it will take only four years after you have maxed out your R500,000 allocation to have a total balance of R2.6 million – amounting to 420% growth.

The value of a Rand Swiss TFSA is clear, so don’t delay – click here to invest in a TFSA with Rand Swiss.

About Rand Swiss

Rand Swiss is an authorised Financial Services Provider – regulated by the FSCA and SARB-approved – that provides a range of investment, wealth, and advisory solutions.

Its dedication to the highest levels of service has resulted in a long list of awards, which includes winning the Top Securities Broker for South Africa accolade from Intellidex.

The Rand Swiss head office is based in the JSE Building, in Sandton, Gauteng.

Click here to start investing in a TFSA with Rand Swiss.

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