Print Page   |   Report Abuse
News & Press: Individuals Tax

New Medical Scheme Fees Tax Credit amounts

27 February 2013   (0 Comments)
Posted by: Herman van Dyk
Share |

Taxpayers under the age of 65

The following section 6A Medical Scheme Fees Tax Credit amounts will apply from 1 March 2013:

MONTHLY CREDIT

Taxpayer

R242

First dependant

R242

Each additional dependant

R162

These credits apply in respect of fees paid by the taxpayer to a registered medical aid fund or scheme.

The Medical Scheme Fees Tax Credit system currently only applies to taxpayers under the age of 65.

Taxpayers 65 years or older

Taxpayers 65 years or older may deduct all qualifying medical expenses and medical aid contributions without any limitation (the tax credit regime will only apply to taxpayers 65 years or older as of 1 March 2014).



WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal