Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Maximum tax benefit for provident fund and annuity contributions from myself

Posted 10 December 2015 under Tax Questions


Hi, I'm Tim!
I'll help you do your Tax Return with Confidence
Quickly, Easily
And Correctly
Do your Tax Online with Expert Help from Me, Step-by-Step.
LEARN MORE

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
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 Questions and tagged , , . Bookmark the permalink.

TaxTimTaxTim 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.


Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Hi, I'm Tim!
I'll help you do your Tax Return with Confidence
Quickly, Easily
And Correctly
Do your Tax Online with Expert Help from Me, Step-by-Step.
LEARN MORE