Use a retirement annuity fund to reduce the tax you owe

Another effective way to reduce your income tax is to make contributions to a retirement annuity fund. A retirement annuity fund is a private pension fund that you can use to save for your retirement.

Retirement annuities generally offer members investment flexibility and flexibility in how contributions are paid.

If you want to contribute before the end of this tax year, SARS will need the retirement annuity fund to have processed your application form and for the money to show in the retirement annuity fund before February 28 to qualify for any tax deduction. Its recommended that you check any deadlines with your chosen provider.