Yusuf (aged 57) has earned the following income in the 2023/2024 year of assessment: 

Salary: R1 000 000 

Employment bonus: R400 000 

He also receives a travel allowance in the amount of R90 000. 

R50 000 of this travel allowance was calculated to be taxable in Yusuf’s hands. 

His employer was not satisfied that at least 80% of the use of the motor vehicle will be for business purposes. 

Dividends from South African shares: R70 000. 

Annuity income (from a retirement annuity fund that he retired from 2 years ago) in the amount of R150 000. 

There are no contributions to retirement funds that were disallowed as a tax deduction that are carried over from previous years of assessment. Yusuf is not currently contributing to any retirement fund. 

What is the maximum tax- deductible amount that Yusuf will be able to contribute to a retirement fund?