What is the maximum I can contribute to a retirement annuity?
No changes were made this year to the amounts you can deduct from your taxable income for RA contributions. The amounts that can be deducted are up to the greater of: • 15% of non retirement funding income (any taxable income which does not form part of your pension or provident fund contributions). • R3 500 pa minus any current deductions to a pension fund, or • R1 750 pa Any amounts over and above the deduction can be carried forward to the next tax year, and then deducted subject to the limits for that year.
