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Young excited man looking at his mobile phone in his hand.

Top up your RA & save on your tax

Did you know you can claim a tax deduction for the money you invest into your retirement annuity (RA)? That's because the money you invest in your RA is deducted from your income before your tax is calculated.

We're all looking for a great deal and value for money. But Black Friday or Cyber Monday is nothing compared to the real value and discount of the proverbial Tax Thursday – that's the name we're giving the last day of the current tax year, 29 February 2024.

Invest a minimum of R2 500 into your RA before Tax Thursday on 29 February 2024 and maximise your tax benefits. Speak to a financial adviser to find out how.

What is the tax benefit of an RA?

For every rand you put into your retirement annuity, you get something back from the tax man when you submit your tax return. What you get back is directly related to your income tax rate. Here's an example.

Top up
your RA

Invest an additional once-off amount of R30 000 into your RA.

Your income
tax rate

You pay an income tax rate of 36%.

Your tax
return

You get R360 back for every
R1 000 you invest!

Total tax
return

That's R10 800 back in your pocket – more than a third of your initial investment.

Now that's a discount that beats Black Friday or Cyber Monday!

What's the best way to
reinvest my tax refund?

Make a smart tax-saving decision today for your successful retirement tomorrow, and consider reinvesting your tax refund into your RA.

Need advice?

Discuss the benefits of reinvesting your tax refund with a certified financial adviser.

Save for retirement

Save from only R500 per month in a Momentum Investo Retirement Annuity.

Investo Retirement Annuity

Contact Momentum Investo

Investo





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