With the end of the tax year approaching, talk to a professional about whether you should top up your retirement annuities (RAs) this month! Remember that all contributions into an RA reduce your taxable income, and therefore the amount of tax you pay.

You can contribute a maximum of 27.5% of your taxable income to retirement funding each year, up to R350,000. It may make sense for you to use as much of that limit as you can.

Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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