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Calculate allowable deduction for pension fund contribution if total retirement fund is R103 500

Posted 9 February 2016

Thato says:
9 February 2016 at 7:53

If the total retirement fund income on the IRP5 is R103 500. What will be the maximum allowable deduction for pension fund contribution

TaxTim TaxTim says:
9 February 2016 at 16:28

It will be 7,5% of R103,500 = R7,762.50 (limited to the actual contributions you made).
Please note, this is for the 2016 tax year. The rules have changed from 1 March 2016 and will be different for 2017 tax year.

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