Amounts included in calculation annuity fund deduction
By Marc Sevitz · Updated
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).
Taxable income would include your investment tax returns and monthly net pension (i.e. after tax).
thanks thats very helpful
Only a pleasure!