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.
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