11 May 2020 at 9:20
What happens if my Allowable Tax Deductions exceeds the tax paid in the same year. Logically I should only be able to claim back the actual tax paid? It will be Additional allowable Medical claims which will not be covered by the medical aid. These amounts plus smaller deductions will push the claims to over and above the tax payable amount.
This entry was posted in Tax Q&A and tagged Provisional Tax, Medical, Deductions, Rental Income, Retirement, Audit / Verification. Bookmark the permalink.
11 May 2020 at 9:58
Have you calculated the deduction on our Medical Tax Credits Calculator yet?
if not, please check if the deduction will still be more that your tax credit.
If you have already used the Medical Tax Credits Calculator and the deductions is still higher than your tax credit, the only refund you'll be due is the tax you paid. If the over paid deductions was a retirement contribution or even a rental / small business (sole proprietor owned) loss, it would have been carried to the following tax year.