CONVERSION OF MEDICAL SCHEME CONTRIBUTION DEDUCTIONS TO MEDICAL SCHEME CONTRIBUTION TAX CREDITS
In an effort to achieve greater equality in the treatment of medical expenses across income groups, the current medical schemecontribution deduction will, for taxpayers aged below 65, be replaced by a medical scheme contribution tax credit. This will beeffective from 1 March 2012 as announced by the Minister of Finance, Mr Pravin Gordhan, in the 2011 Budget Speech.
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.