FAQ Blog Q&A Calculators Students Logbook Contact
21 Days Remaining of Tax Season 2019! Click here to file your tax return with TaxTim now.

Tax Free Account transfers

Posted 29 April 2019 under Tax Q&A


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Flipflap says:
29 April 2019 at 13:23

I have a tax free call account with Standard Bank. I would like to know whether it is possible for me to request that Standard Bank transfers the money that is in the call account to a suspense account at ABSA Bank, from where it will be immediately transferred into a tax free fixed deposit account at ABSA Bank? Will my investment then still be tax free at ABSA Bank? Would I have to cancel the call account at Standard Bank, to ensure that the fixed deposit account at ABSA Bank is tax free?

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.

TaxTim TaxTim says:
29 April 2019 at 14:21

If you invest into a tax free account, regardless of where the funds come from, it will still be tax free. You can have more than one account open at a time. You must make sure though that you do not contribute more than R33 000 to one or more accounts in total for any tax year.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started