I am 30 years old and unemployed and wish to put a lump sum of R50000 for an retirement annuity (RA). Do I qualify for a yearly tax relief and if so how much should I expect?

You can only get the tax relief on Retirement Annuity contributions if you have taxable income that you can deduct the contributions from.

However, if you do make a contribution that you do not get tax relief on in the year you made the contribution, you can get tax relief on it in a future year. The amount of the tax relief you get depends on your income (you can deduct contributions up to 15% of your non-pension funding income) and your marginal tax rate.

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