Medical Posts in TaxTim's Blog

What is Gap Insurance & why is it so valuable to have?




When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up.

Read more →

Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

Read more →

What Medical Expenses Can You Claim Back from Tax




Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme

Read more →

Do I earn enough to have to pay tax?




Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?

Read more →

10 Tips to Pay Less Tax




These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,

Read more →

Tax Breaks For All




What?

1.Rebates

Who?
Everybody

Primary, secondary, and tertiary rebates – depending on your age.

Read more →

The Tax Refund Myth: Why aren't I getting anything back?




Every year there arises a misconception amongst taxpayers that a tax refund or 'tax rebate', as it is incorrectly known to many,

Read more →

Who's (Legally) Allowed to File Your Tax Return?



Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation

Read more →

How does Pay-As-You-Earn (PAYE) work?




You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.

Read more →

Medical Aid contributions paid on behalf of a dependent



Date
Taxpayer's Full Name
Address

Read more →

5 Reasons you Still Need to File your Tax Return




SARS announced that if you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return 2019.
Previously, SARS had communicated that if you earn less than R350 000 in a year you may not have to file a tax return.

However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.

Here are the top 5 reasons why not to skip filing your tax return this season:

Read more →

FAQ's: Medical Expenses and Taxes




It’s not all doom and gloom when it comes to the rising costs of medical expenses. You can expect some tax relief if you contribute to a medical aid and if you spend a certain amount on ‘out of pocket’ expenses.

Read more →

Food for Thought on Subsistence Allowances



You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.

Read more →

Why don't I get a tax deduction for Out of Pocket Medical Expenses?




Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

Read more →

My medical aid is paid by my former employer: How does this affect my tax?




When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for:

Read more →

How to claim medical aid costs for a family member




At TaxTim we receive many questions from taxpayers who pay medical aid for dependent family members and who want to know if they can claim for this in their tax return.

When paying medical aid contributions for a ‘financial dependent’ the medical scheme fees tax credit applies in respect of fees paid by the person to a medical scheme.  This means that the person who is paying the medical aid will receive the medical tax credits, and not the dependent/member of the medical aid. 

Who is a ‘dependent’?...

Read more →

Some common (and sometimes forgotten) tax deductions




Too often, taxpayers rush when completing their tax return, and then they miss out on some expenses they are eligible to claim. Don’t overpay tax by overlooking these seven common tax breaks.

Contributions towards a Retirement Annuity

Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year).  This limit applies to the total contributions you make to any Pension, Provident or Retirement Annuity (RA) fund during the year...

Read more →

SARS and medical disability




We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. This week, we will focus on this issue and hopefully help other taxpayers out there who may have the same questions.

Read more →

Medical Aid Tax! How SARS' new changes affect YOU!




In 2012 SARS began making changes to how medical expenses were treated for tax purposes. The system at that time created a higher benefit for deducted medical expenses if you earned a high income (bad news for low income earners) and the changes since then have sought to make medical deductions more equal across various income levels.

Basic summary of how SARS calculates your tax

Income Earned
Less: Expenses / Deductions
= Taxable Income
x SARS tax rate ...

Read more →

Budget Speech: VAT rises by 1%, predictions were correct!




Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...

Read more →

2017/2018 Budget - The rich are going to pay more, but what does that mean for the rest of us?





Personal Tax Rates (rates below)

Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...

Read more →

2016 Budget Speech: Welcome Back, Minister! You Couldn't Have Returned Just for the Free Lunch?



The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver his budget for the 2016/2017 tax year and save South Africa from a financial pit-fall in the form of an International Ratings Agency downgrade. The jury is still out on whether or not this is possible. Immediately after the budget was revealed the Rand tumbled 2%, which doesn’t bode well for market sentiment. However, ...

Read more →

Where can I get my Medical Scheme Tax Certificate?



In order to complete the Medical section of your annual tax return, you will need a tax certificate from your medical scheme (if you contributed to a medical scheme that is!).

This certificate details exactly how much was paid to the medical aid for yourself and your dependents over the course of the tax year (1 March to end Feb). It also details how much money you paid for other medical expenses, such as medicines and doctors expenses, which you claimed for, but your medical aid did NOT cover...

Read more →

Thank you Minister - we expected worse! 2015 Budget



New Finance Minister Nene delivers his first budget with some “better than expected” tax increases. The fight against corruption was highlighted with the minster announcing a series of reforms and procedures to be introduced both to curb corruption and make doing business with the state easier. The minister announced that R25bn would be saved in expenditure over the next two years, but R16.8bn is to be raised this year via tax increases and a remarkably large rise in the fuel and road accident fund levies. To be honest, we expected greater tax increases from the minister, thankfully he spared us some of the pain! ...

Read more →

How to calculate totals under source codes 3696, 3697 and 3698



If you tried to submit your tax return and got an error relating to 3696, 3697 or 3698 then you might have simply left an amount out!
Check your IRP5 to make sure you answered TaxTim's questions for these amounts correctly.

 
Your IRP5 can show one or more amounts with source codes describing the income you received from your employer that year.

A common example would be:

Salary R240,000 - source code 3601 ...

Read more →
Older posts →  1  2
TaxTim is FREE for all Momentum & Multiply members.



Use your ID number at the payment step to claim your free TaxTim voucher

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started FREE

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.