How to make the most of the additional annual contribution allowance
WE WELCOME the Finance Minister’s proposal to increase the annual Tax-Free Savings Accounts (TFSA) contribution limit from R36 000 to R46 000. This long-awaited adjustment, the first in six years, is a critical step in helping South Africans protect their wealth from inflation.
By allowing an additional R10 000 in tax-free contributions annually, the government is providing a significant boost to the power of compounding in TFSA accounts.
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