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
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).
Johannessays: 11 March 2016 at 21:41
thanks thats very helpful
TaxTimsays: 14 March 2016 at 9:36
Only a pleasure!
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