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Final chance to maximise your tax benefits | Tax year 2022

Taxpayers still have a window of opportunity to maximise their tax benefits before the end of the 2022 tax year by making additional contributions to retirement annuities.

Although you are free to contribute as much as you like to retirement annuities, the tax-deductible amount is up to 27,5% of your annual taxable income and capped at R350,000 per tax year. This amount includes all contributions towards retirement funds.


A retirement annuity has several benefits – apart from a tax deduction - on annual contributions:

  • No tax on interest, dividends or capital gains while you remain invested;

  • Protection against creditors;

  • Protection against yourself, because you can’t access the money until age 55;

  • Protection against divorce orders, depending on marital agreements;

  • Allowing you to stop contributions at any time and take it up again at a later stage; and

  • If you are already contributing towards retirement by means of employee benefits - but have not maxed out your 27,5% - it will be wise to start contributing towards a retirement annuity too.


If you have not contributed enough to enjoy the maximum benefit you still have time until February 15th to make use of the opportunity.

Contact your financial adviser as soon as possible or send an email to: for instant assistance.

If you do not have a retirement plan in place yet, send an email to today.

Optimum Financial Services Group

Optimum Professional Financial Planning (Pty) Ltd | Registered FSP 8143

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