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Amounts included in calculation annuity fund deduction

Posted 14 March 2016 under Tax Q&A


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Johannes says:
8 March 2016 at 23:26

I am retired and receive a monthly pension which is subject to tax. I make no contributions to a pension fund since I retired. I still contribute to a retirement annuity fund monthly. Do I include the total pension received together with investment tax returns for the year to determine the maximum amount allowed for annuity fund deduction

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TaxTim TaxTim says:
11 March 2016 at 9:44

Yes, you will qualify for a tax deduction of up to 27,5% of your taxable income (to a maximum of R350,000 per year) limited to your contributions made.
Taxable income would include your investment tax returns and monthly net pension (i.e. after tax).

Johannes says:
11 March 2016 at 21:41

thanks thats very helpful

TaxTim TaxTim says:
14 March 2016 at 9:36

Only a pleasure!


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

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