Tax deductions of retirement fund contributions after 1 March 2015

The Taxation Laws Amendment Act No 31 of 2013 recently published in the Government Gazette changes the tax treatment of contributions and aligns the annuitisation requirements between pension, provident and retirement annuity funds.

This edition of MIM addresses the taxation of retirement fund contributions on or after 1 March 2015. The tax treatment of contributions will allow for a single tax deductible contribution rate by employees irrespective of the contributor and the type of fund.

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