Medical Tax Credit - 2015 Tax Year
By Marc Sevitz · Updated
I pay R150.00 per month toward a medical aid fund for myself and my daughter (6 years).
Do I qualify for the full monthly tax credit of R257.00 X 2 = R514.00 or will this be limited to my actual monthly fund contribution?
Your credit will be limited to your monthly contribution unfortunately.
Does your employer contribute to the fund at all?
Thank you very much for your quick response.
NO - My employer does not contribute as I am self employed.
Could I asked you please to clarify this term - "Contribution to a medical aid (without regard to the quantum of the contribution) will qualify the taxpayer to receive a credit of fixed amount, based on the number of the taxpayer?%u20AC%u2122s dependents on the medical aid scheme." ?
I appreciate your assistance and must add : you are doing a great job.
NO - My employer does not contribute as I am self employed.
Could I asked you please to clarify this term - "Contribution to a medical aid (without regard to the quantum of the contribution) will qualify the taxpayer to receive a credit of fixed amount, based on the number of the taxpayer?%u20AC%u2122s dependents on the medical aid scheme." ?
I appreciate your assistance and must add : you are doing a great job.
Thanks for the positive words!
Essentially every taxpayer who contributes to a medical aid receives a set RAND amount as a credit (take off) from their tax payable. SARS allows a certain amount for the primary member and one secondary member and then any further members on the medical aid also receives a monthly credit of a different amount.
Have a look at our blog on Medical Aid 2015 rules for a better understanding.
Essentially every taxpayer who contributes to a medical aid receives a set RAND amount as a credit (take off) from their tax payable. SARS allows a certain amount for the primary member and one secondary member and then any further members on the medical aid also receives a monthly credit of a different amount.
Have a look at our blog on Medical Aid 2015 rules for a better understanding.