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Pension Tax Deadline 2019

Posted in Announcement, Investments, News, Pension, Savings, Tax on Sep 12, 2019

The 31st of October 2019 is an important date in both the tax and financial planning calendar. This is the last date by which a paper tax return can be filed and you pay the tax you owe for 2018.

It’s also the last date on which pension contributions can be paid and be offset against the tax bill that is due in respect of 2018. Therefore, contributions invested prior to the 31st of October 2019 can be used to reduce the final tax liability due to be filed and paid on that date.

Individuals who both pay and file their tax returns through the Revenue On-line Service (ROS) have until Tuesday 12th of November 2019 to pay a pension contribution and elect to backdate the income tax relief against the 2018 tax year.

With this upcoming deadline, the self-employed, those in non-pensionable employment and employees should be looking for opportunities to reduce their tax bills for both 2018 and 2019. Personal Pension Plans, Personal Retirement Savings Accounts (PRSAs) or Additional Voluntary Contribution (AVC) PRSAs offer ways for enabling individuals to reduce their overall tax liabilities for 2018 and 2019.

Tax relief on pension contributions are subject to two limits:

  • Your age.
  • The earnings limit which is set at €115,000 for the 2018 and 2019 tax years.

The various contribution limits are as follows:

Up to age 30

15% of net relevant earnings

Age 30 to 39

20% of net relevant earnings

Age 40 to 49

25% of net relevant earnings

Age 50 to 54

30% of net relevant earnings

Age 55 to 59

35% of net relevant earnings

Age 60 and over

40% of net relevant earnings

The saving that you can make on your pension contribution will depend on what your highest rate of income tax is.

It’s crucial to start planning for tomorrow, today.

At Gallivan Financial, we’re here to support you as you plan for your retirement.

For more information on how to maximise your pension contributions to minimise your tax bills, get in touch today. At Gallivan Financial, our dedicated team of financial advisors are committed to offering you expert impartial advice on a whole host of topics. Simply call us on 064 6637393, email [email protected] or drop by our office today. We’ll be delighted to help.

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