Save tax-free for your child’s education

ADVERTORIAL

Investing in your child's education is often one of the most important, yet challenging saving endeavours you can undertake.

“As a parent you don't need any reminding of the urgency to start planning and saving today. It isn’t always easy, but the rewards are definitely worth the wait,” says Matt Hunter, Head of Savings and Investments at Absa Retail Banking.

The introduction of tax-free savings accounts, which came into effect on the 1 of March last year, allows parents to invest up to R30 000 a year and offers an ideal savings tool to give your child a gift for the future.

Any amounts invested in these accounts will not attract tax, including interest income tax, capital gains tax and dividend tax.

“Investors who want to make full use of the R30 000 annual contribution allowed to tax-free savings accounts have only short time in which to do so as 29 February marks the end of the first tax year since its regulatory launch,” says Matt.

For more information on the benefits of a Tax Free Savings Account, contact Absa Savings and Investments on 0860 111 515 or go to www.absa.co.za

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