As the end of the tax year approaches, it is time to maximise your tax deductions and contributions to tax-free savings accounts and retirement annuities. Joined by Janine Langenhoven, senior legal counsel at Ninety One, Maya explores the often-overlooked tax benefits of exceeding the annual contribution cap on retirement annuities of R350 000. Janine explains how excess contributions can roll over to future years, allowing for tax deductions later, and discusses the implications of these contributions at retirement.

They also discuss the dos and don'ts for parents who may want to give their children a head start on their retirement savings.

Key topics discussed include:

- The mechanics of exceeding the R350 000 contribution cap and the tax benefits associated with it

- How excess contributions can lead to tax-free withdrawals at retirement

- The role of retirement annuities in estate planning and their implications for beneficiaries

- Strategies for parents considering retirement annuities for their children

- Important considerations for tracking contributions and ensuring compliance with SARS

This episode provides essential insights for anyone looking to navigate the complexities of retirement annuities and optimise their tax strategies effectively.