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Tax free saving accout

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Super Contributor

Tax free saving accout

Anybody know if one must mention in one's tax return that they have a tax free saving account? If yes do we have to state what we have?
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Super Contributor

Re:Tax free saving accout

An interesting question. SARS web site says the service provider tells them about our TFSA twice a year with info on gains, dividends, withdrawals etc. They also say we will be provided with a IT3s specifically for the account but so far, Standard bank have not done so.
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Super Contributor

Re:Re:Tax free saving accout

Do you know if the online tax return provides a section to fill in regarding the Tax Free Savings Account?
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Vince
Contributor

Re:Re:Re:Tax free saving accout

Yes they do, on SARS e-filling. Just did mine.
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Super Contributor

Re:Re:Re:Re:Tax free saving accout

Can you elaborate on what they ask for and does one need to upload certificates like IT3 form for the Tax free savings account which Standard Bank has not supplied.
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Vince
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Re:Re:Re:Re:Re:Tax free saving accout

All they asked was, what your yearly deposit was(probably to check that you don't overshoot the R27k limit), how must profit/loss you had, dividends received and capital gains/losses.
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Frequent Contributor

Re:Re:Re:Re:Re:Re:Tax free saving accout

The annual limit is R30 000.
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Super Contributor

Re:Re:Re:Re:Re:Re:Tax free saving accout

I had a look at SARS tax return form, what I don't understand in the IT3(s) certificate is that it states I made a capital loss and a net return on investment loss. In fact I made some capital gains during the year and had some unrealized capital loss at the end of the year, the capital gains during the year were larger than the unrealized loss at the end of the year. However the portfolio market value is larger than the Contribution value. Is the capital gains or loss they show in the IT3(s) certificate actually the UNREALIZED capital gains loss at the end of the year?
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