Maximise your clients' tax deductions this tax season
Change the way clients think about retirement and tax
Tax season is in full swing, and this is a great opportunity for you to help your clients maximise their retirement savings for the 2022/2023 tax year.
Increasing your clients' retirement savings will not only improve their retirement outcomes but can also significantly reduce their taxes. Clients can claim a tax deduction of the greater of 27.5% of their taxable income or of their remuneration, to a maximum of R350 000 a year.
Help your clients secure their financial future
When clients invest in a Discovery Retirement Annuity, they can get rewarded for investing for longer, investing more, and living well through Vitality. Combining these rewards with positive behaviour change could double clients' retirement outcome3.
- Clients can get a boost of up to 20% on their lump-sum investments. With our current offers, new lump-sum Retirement Annuity clients can get a boost of up to 27.5%1.
- Existing clients can get an enhanced boost on extra contributions of up to 25%2.
- Recurring Retirement Annuity clients can get a boost of up to 15% on each monthly contribution for achieving their Vitality statuses and Vitality Active Rewards goals.
Download the tax season campaign pack, which includes an email you can send to your clients, a signature banner, reasons to invest in our retirement products, and Retirement Annuity brochures.
Important deadlines for tax benefits
Retirement Annuity new business and additional contributions need to meet the following deadlines to get tax benefits:
- For ad hoc contributions (additional investments) into existing investments, documentation and EFT deposits must reach us by 28 February 2023.
- For new business applications, money should not be deposited into our bank account unless we have accepted the application and provided banking details.
- New business applications must therefore be submitted by 24 February 2023, which will allow time for the application to be processed and banking details to be sent. Investments must be active and have a date of commencement for the current tax year in order to accept contributions for that tax year
1 Offer valid until 30 June 2023 - rules, terms and conditions apply.
2. Offer valid until 23 February 2023
3 Analysis done by Discovery Invest Technical Marketing in September 2022. Based on average client behavior change seen in internal data before and after behavioral incentives were launched. Example is for illustrative purposes and not guaranteed, actual results may differ.
Nothing contained in this document should be construed as financial advice. For any advice‑related matters please contact your financial adviser. Discovery Life Investment Services Pty (Ltd), registration number 2007/005969/07, branded as Discovery Invest, is an authorised financial services provider. All life insurance products are underwritten by Discovery Life Ltd, registration number: 1966/003901/06, a licensed and authorised financial service provider and registered credit provider, NCA Reg No NCRCP3555. All boosts are offered through the insurer, Discovery Life Limited. The insurer reserves the right to review and change the qualifying requirements for boosts at any time. Product Rules and Terms and Conditions Apply.