​What are S11(k) annual allowable deductions?

The formula to calculate the maximum allowable deduction has changed from the 01 March 2016. The deduction allowed is now the pension, provident and retirement annuity fund contributions (added together) but limited to the following:

The annual deduction is limited to the lesser of —

  • 27.5% of the greater of remuneration (as defined), OR taxable income (excluding retirement lump sum benefits, withdrawal lump sum benefits and severance benefits in respect of both remuneration and taxable income), or
  • R350 000.
Last Updated: 30/06/2016 10:55 AM     print this page
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