Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Medical Tax Credit - 2015 Tax Year

Posted 19 March 2014 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
2015 tax year.

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?

This entry was posted in Tax Questions and tagged , . Bookmark the permalink.

TaxTimTaxTim says:
19 March 2014 at 12:07

Your credit will be limited to your monthly contribution unfortunately.


TaxTimTaxTim says:
19 March 2014 at 12:08

Does your employer contribute to the fund at all?


Sannie DeNecker says:
19 March 2014 at 22:28

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.


TaxTimTaxTim says:
20 March 2014 at 14:39

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.


Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →