Old mutual tax free investments helps you grow your wealth without worrying about paying any kind of tax , tax free investment from old mutual is truly tax free with no hidden taxes. We will explore more on old mutual tax free investment and how you can get started
This is to good to be true, how can a tax free investment be possible?
This is actually possible by the government of south africa not from the end of old mutual. Old mutual does not have the power to offer its customers a tax free investment product.
According to the government of south africa it want south africans to save more money and what better way to lure people that offering them tax free investment
Since the government has the power to do so its offering zero tax on certain investments products to south africans this means you pay no income tax, dividend tax and capital gains tax on the allowed tax-free amount
How can i invest in old mutual tax free investment
Old mutual has made it very easy for customers to invest in its tax free investment, you can invest through this three avenues
- You can invest directly online and via old mutual secure site, click here
- contacting our Client Service Centre on 0860 234 234
- By completing our application form
How much can i invest per year?
Now this is where things get tricky, Old mutual tax free investment has a limit of R 33,000 per year and a limit of R500, 000 in your life time
If you put more than R33, 000 in your account per year you will be charged 40% tax on the surplus money. Let me explain:
Assuming you invest R50, 000 in one year that is higher than your yearly limit of R33 000 so R33 000 will be deducted from R50 000 which will leave u with R17 000 which is tax deductible. You will not be taxed on the R50 000 but on the surplus R17 000
Time limit for old mutual tax free investment
There are no time limit for old mutual tax free investment, you can invest in monthly installment or pay a lump some of money
Old mutual tax free investments Withdrawals
If you invest R33 000 in a year and withdraw R15 000, you have still invested your full amount for the year. If you reinvest R15 000 into your account, you will go over the limit and will incur tax on the extra R15 000.