I have a unit trust at an institution worth about R700 000, towards which I still pay R500 per month.
Is it wise to withdraw R36 000 a year from a unit trust and direct it to a tax-free investment account? South African taxpayers receive an annual exemption from tax on interest of R23 800 . If we assume you earned 11.75% on your cash deposit , the balance of your account would need to be over R200 000 before you begin to reduce your tax bill. This would take you six years, given the R36 000 annual contribution limit.
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