The South African Revenue Service (SARS) provides tax incentives to encourage saving.
Each tax year (which ends on the last day of February each year) brings an opportunity to take advantage of these incentives if you have not already done so.
So, what do you do?Â
Allan Gray have produced a neat document which summarises the benefits of investing in a Retirement Annuity and a Tax Free Investment. Please click here to view it.
Your contributions to retirement funds are tax deductible. This deduction is limited to 27.5% of the greater of your taxable income or remuneration, capped at R350,000 per tax year.
Let us help you…
If you have not maxed-out your possible contributions to a pension, provident or retirement annuity fund, please contact us to discuss your options.
If you have not yet made your full R33,000 contribution to your and your childrens’ tax free investments, please also contact us to discuss your options.