Savings Expert

question

Posted by: sakkie allers | 2016/09/27 06:36

i would like to save money towards buying a house. i want to start off by a deposit of 150k en then deposit fair amounts monthly onwards. what rype of saving is the best? how do i avoid paying tax

On my hard earned cash?

expert answer

Posted by: Gerald Mwandiambira | 2016/11/01 14:44
Hello, Tax avoidance is a legal way of reducing ones tax liability using available measures such as rebates, exclusions and allowances. In order to have a tax efficient financial plan, you will need to consult with a Certified Financial Planning professional or Tax Practiotioner. Because of the short term nature of your saving for a home deposit, there are limited savings vehicles. There are some good 30 Day notice accounts with higher than inflation interest rates on the market. I suggest you shop around. I however prefer to give such advice when understanding you hollistic financial position by doing a full needs analysis. Contact me on www.askgerald.co.za 

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user comments

Posted by: Papatunde | 2017/01/09 10:56
I would like to invest 50k for 3 months. I have been shopping around and I noticed that some banks quote their interest annually, which won't do me much good. Others like Standard Bank have fixed deposit accounts with interest quoted monthly - this sounds good but will I get taxed? Please advise.
Reply to Papatunde

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