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If I have a voluntary RA of R1500 per month, what will my tax refund be

Posted 5 April 2016 under Tax Q&A


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Steven says:
4 April 2016 at 15:22

If I have a voluntary RA of R1500 per month, how much do I get back?

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

TaxTim TaxTim says:
5 April 2016 at 9:50

You can claim the contribution to the RA (limited to 27,5% of your taxable income and of course limited to R1,500 per month) as a deduction off your taxable income which will reduce your overall tax payable. In order to work out if you will receive a tax refund or not, your entire income level for the year needs to be considered together with all allowable deductions and taking into account the tax you have paid. This is done when you file your Tax Return (ITR12).

Please read our blog on the new New Retirement Fund Tax Laws for further clarification.

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