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Meaning of medical tax credits and medical fringe benefit?

Posted 11 February 2016

Zeeg says:
10 February 2016 at 20:47

Tim! Please advise on these 2 things :I am a teacher, this month (january 2016) payslip reflects the following;

1)I have 2415. 00 under medical fringe benefit. What do these numbers mean? is it money?

2)Medical Tax credits are 721. 00, Whats the meaning of this?

TaxTim TaxTim says:
11 February 2016 at 16:20

The medical fringe benefit is the medical aid contribution paid by your employer on your behalf to your medical aid. It is included as "income" on your payslip and will therefore be taxed as a fringe benefit.

Please read our blog on Medical Aid 2015 to understand the medical tax credits.

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