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Door te bevestigen dat je ouder dan 24 jaar bent op DutchGamblers, erken je dat je je bewust bent van de risico’s die online gokken met zich meebrengt. Je bevestigt ook dat je op dit moment niet bent uitgesloten van deelname aan online kansspelen. Vergeet niet, gokken heeft zijn kosten, dus het is belangrijk om op tijd te stoppen.
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Why? Contributions to retirement annuities are tax deductible. That means that the amount of money you contribute to your retirement annuity reduces your taxable income. As a result, you pay less tax.
If you are employed and receive a travel allowance from your employer, you are able reduce your taxable income by claiming a tax deduction for the fuel you bought and maintenance costs. This quick “Travel tax deduction calculator” calculator shows you how much you can claim.
Just how much tax could you save in taxes by maximizing your retirement annuity contributions? SARS allows you to invest up to 27.5% of your income (capped at R350,000 per year) and deduct it from your taxable income. This table shows the maximum tax savings you can achieve for different income levels .
You earn R40 000 per month. You decide to invest R5 000 into a retirement annuity. SARS will not tax you on the R40 000. Instead, you only pay tax on R35 000. The contribution you made to the retirement annuity reduces your taxable income. And you pay less tax.
Retirement annuity contributions are tax deductible in South Africa. That means, you pay less tax when you invest in a retirement annuity. However, are they really worth it for everyone? If you earn R7 500 per month, do you even qualify for any tax deductions? What about if you earn R40 000 per month? What about R100 000?
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