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Maximum tax benefit for provident fund and annuity contributions from myself

Posted 10 December 2015 under Tax Q&A


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A says:
9 December 2015 at 15:47

Can I get a tax benefit for a provident fund that I contribute to as well as an annuity at the same time?

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

TaxTim TaxTim says:
10 December 2015 at 11:52

Currently, there is no deduction (ie tax benefit) for your contributions to a Provident fund.
With regards to your RA, you can deduct up to 15% of "non-pensionable income" and therefore claim a tax benefit.

However, please note the tax rules are changing around retirement deductions which come into effect 1 March 2016 and therefore will impact your 2017 tax return. You will be able to claim a deduction for both the provident fund and RA contributions but these will be capped at a certain limit.


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