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  • 北京赛车pk10现场:MEDICAL SCHEME FEES TAX CREDIT

    What is it?

    A Medical Scheme Fees Tax Credit (also known as an “MTC”) is a rebate which, in itself, is non-refundable, but which is used to reduce the normal tax a person pays. Any portion that is not allowed in the current year?(usually that amount?which exceeds the normal tax payable)?can’t be carried over to the next year of assessment. The MTC applies for years of assessment starting on or after 1 March 2012 (from the 2013 year of assessment).?

    Who is it for?

    The MTC applies to fees paid by a taxpayer to a registered medical scheme (or similar?fund outside South Africa) for that taxpayer and?any "dependants" (as defined in section 6B(1) of the Income Tax Act, 1962).??
    ?
    This MTC seeks to bring about greater fairness and help achieve greater equality in the treatment of medical expenses across all income groups.
    ?
    The MTC is a fixed monthly amount which increases according to the number of dependants:
    ?
    2018/2019 year of assessment
    (1 March 2018 - 28 February 2019)
    ? 2019/2020 year of assessment
    (1 March 2019 - 29 February 2020)
    ?R310?per month for the taxpayer who paid the medical scheme contributions; or for a member or dependant of a medical scheme or fund where the taxpayer him- or herself is not a member of a medical scheme or fund. ?R310?per month for the taxpayer who paid the medical scheme contributions or; for a member or dependant of a medical scheme or fund where the taxpayer him- or herself is not a member of a medical scheme or fund.
    ?R620?per month for the taxpayer and one dependant; or R620 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund. ??R620?per month for the taxpayer and one dependant; or R620 in respect of two dependants where the taxpayer him- or herself is not a member of a medical scheme or fund.
    ?R209?per month for each additional dependant(s) ??R209?per month for each additional dependant(s)
    ?
    ?

    How does it work?

    The MTC will effectively impact both the employer and the employee. This credit must be taken into account by the employer when calculating the amount of employees’ tax to be deducted or withheld from the employees’ remuneration.
    ?
    Individuals who have not had their MTC taken into account by an employer (for example, an individual who is retired and receives a pension; or an individual who is self-employed) can claim the MTC on assessment by submission of an annual income tax return.
    ?
    In addition to the MTC, an individual may also claim an Additional Medical Expenses Tax Credit for certain qualifying medical expenses, subject to limitation. See more information on claiming these medical expenses (Additional Medical Expenses Tax Credit).?Also refer to the Guide on the Determination of Medical Tax Credits for further information.
    ?
    Top Tip: Stay informed by visiting the website regularly, or even better, subscribe to our RSS feeds and you will be alerted when any changes are made to the pages you subscribe to.
    ?
    ?
    Last Updated: 14/08/2019 2:00 PM     print this page ?
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    ?Top FAQs

    What is "deemed medical contributions"?
    Medical contributions paid by an employer for the benefit of an employee to a registered medical scheme will result in a taxable benefit in the hands of the employee. Although regarded as a fringe benefit (and thus gross income),

    Why has there been a change from medical tax deductions to medical tax credits?
    The system of tax credits is fairer. All taxpayers, regardless of their level of income, derive an equal tax benefit because tax credits are fixed and are deductible against the normal tax payable, as opposed to simply reducing the taxable income.

    What is the difference between a medical tax credit and a tax deduction?
    A tax deduction lowers the tax payable by reducing taxable income. A tax credit reduces the amount of tax to be paid by subtracting the tax credit from the tax payable.

    I pay contributions to a medical scheme but the medical tax certificate is not in my name and I have been selected for audit. Which supporting documents must I submit?
    You need to submit an affidavit stating that the main member is a dependant as defined (that is, either your spouse; a child (or spouse’s child); any family member in respect of whom you are liable for family care and support).




  • 敲黑板!“信息公开”不是“隐私公开”! 2019-08-18
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-08-16
  • 林志玲现身机场穿粉色上衣变活力少女 2019-08-14
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  • 大牌开讲了丨颈椎有“烦心事”,听骨科专家如何化解 2019-08-07
  • 商务部公布多项进口产品反倾销调查文件 2019-08-07
  • 旅游市场再创佳绩端午假期河北接待游客2026.77万 揽金147.79亿 2019-08-03
  • 这是很容易检验的!家庭是按需分配的,也是各尽所能的。笑博士在家中,除按需分配外,还有什么是需要从家中按劳分配的,跟大家讲讲如何? 2019-08-01
  • 候选企业:泸州老窖股份有限公司 2019-08-01
  • 霍金长眠英国“荣誉宝塔尖” 2019-07-31
  • 重磅 江西省委副书记李炳军同志任省委党校校长 2019-07-31
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