Tax deductible retirement fund contributions

Use this calculator to work out how much more you can contribute to your retirement savings and still claim a tax deduction.

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Useful definitions:

• Remuneration includes your salary or pension, overtime pay, allowances, leave pay, bonus, fringe benefits and any gratuities or commission before any deductions.
  
  
• Taxable income includes all your income including rental, investment and business income, less any exempt income and deductions plus your taxable capital gains.

Note: Your remuneration may be higher than your taxable income if deductions for medical expenses, travel expenses, business expenses and retirement fund contributions reduce your taxable income.

Capital or business losses may reduce your taxable income and if you earn a salary and have these losses, your remuneration may be higher than your taxable income.

Certain allowances or foreign-earned income exempt under tax treaties may be included in remuneration but may not form part of taxable income.

Take care: Do not to overstate your expected annual income or remuneration. The tax deduction allowed will be determined by SARS based on its calculation of your "taxable income" or "remuneration" when you are assessed at the end of the tax year.

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