SARS Pension and Retirement Deductions 2014

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<h2>The South African Revenue Service Pension and Retirement Fund Contributions Deductions for Individuals 2014</h2>

 

Pension Fund Contributions

 

Contributions to an approved South African pension fund:

 

The greater of R 1,750; or

7.5% of remuneration that qualifies for pension deduction
Arrear contributions of R 1,800 per annum where limits not used

 

Pension funds are often all considered not the best and should your employer have one the wisdom thereof should be reconsidered. This statement would not apply to where you have membership to a defined benefit fund.

 

Retirement Annuity Contributions

 

Contributions to an approved South African retirement annuity fund:

 

The greater of R 1,750; or
R 3,500 less qualifying pension contributions; or
15% of net income minus income from retirement funding employment

 

Care should be taken before you buy a retirement annuity fund on the basis of having the tax deduction. Some financial advisors claim that you will have the tax deduction and then later you find out that only a small portion qualifies.

 

If you have any questions relating to these deductions please contact us on 011 447 8823 Today to speak to a consultant for FREE.