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Correction: tax on retirement contributions

It was incorrectly reported in Personal Finance’s edition of January 26, 2013 that the new tax regime for retirement fund contributions will be implemented from March 1 this year. The correct date is March 1, 2014. Personal Finance apologises to readers for the mistake.

The retirement-savings contributions you may claim as a tax deduction for the forthcoming tax year, which starts on March 1, are:

The following deductions will apply in terms of the tax regime that takes effect on March 1 next year. If you are:

In both cases, employer contributions will be added to your taxable income as a fringe benefit.

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