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Carlos said: 27 October 2023 at 14:10 If I am a sole proprietor can I expense my monthly medical aid premium in full through the income statement? |
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TaxTim Alicia said: 27 October 2023 at 14:29 Unfortunately, this is not regarded by SARS as a business expense. As an individual taxpayer, you are, however, able to claim the medical tax credit on any medical aid contributions paid, which should provide some tax relief. In addition, you may claim an extra medical tax credit for out-of-pocket prescription medication, doctors%u2019 bills that you paid personally, as well as any qualifying disability or physical-impairment expenses incurred during the tax year. If you are seeking tax relief against the tax on your sole-proprietor income, you may also consider the following: Contributing to a retirement annuity fund Making donations to approved PBOs Claiming wear-and-tear/depreciation on personal assets used for business purposes Claiming valid home-office expenses (if you have a dedicated home-office setup) Claiming the business-travel portion of your travel, if you travel to and from clients To view a more detailed list of allowable deductions, please complete your annual income tax return with us, as our tax return process provides a comprehensive, guided list of claimable expenses. |
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