Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

Tax free saving accout

Reply
G_V_V
Super Contributor
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?
7 REPLIES 7
klapka
Super Contributor
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.
G_V_V
Super Contributor
Do you know if the online tax return provides a section to fill in regarding the Tax Free Savings Account?
Vince
Contributor
Yes they do, on SARS e-filling. Just did mine.
G_V_V
Super Contributor
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.
Vince
Contributor
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.
Franksays
Frequent Contributor
The annual limit is R30 000.
G_V_V
Super Contributor
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?