January 14, 2014

Just a spoonful of sugar to help the medicine go down!

As from the 2013 tax year contributions to medical aid schemes are no longer allowed as a deduction. This provision was replaced by the section 6A Medical scheme fees tax credit.  Instead of allowing contributions as a deduction from taxable income, the credit is deducted from taxpayer’s liability for normal tax.  The credit is in the nature of a rebate, rather than a deduction. For the year of assessment ending 28 February 2014 the amount of the credit is equal to: R242 per month in respect of benefits to the taxpayer R242 per month in respect of benefits to the […]
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