The window of opportunity to make the most of this year's tax deductions is closing as the end of the tax year approaches, but some quick calculations will show where you could save on tax by making a contribution to a retirement fund or tax-free savings account. If you have been investing in a discretionary investment with no tax benefits, you may want to consider switching money to a tax-free savings account and using this year's annual contribution limit as well as the annual capital gains tax exemption before the end of the tax year. Another tax break for higher earners able to take a high investment risk is to invest in a venture capital company. Here's what you need to know to maximise your tax breaks. Retirement contributions Each tax year you are entitled to claim a tax deduction for contributions to a retirement fund up to 27.5% of your taxable income or your remuneration - whichever is higher. The maximum deduction is R350000 a year, which only applies if you are earning a...
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