Private medical treatment is increasingly pushing the limits of medical aid scheme benefits and our own wallets. However, it's an outlay that few of us can avoid. Luckily, certain medical expenses may come with a bit of tax relief in the way of tax credits. A tax credit is a deduction ...
See our medical aid credits calculator. Less: Additional medical expenses (for individuals only) - if your medical aid costs exceed 4x the above medical credit (3x if you are over 65) then a portion of your costs PLUS Out of Pocket Medical expenses can be claimed here as a credit. ...
If this already sounds too complicated then the best way to check this out (without doing your head in with maths equations) is to use TaxTim’s online Medical Aid Tax Credits Calculator. You’re welcome! *Qualifying medical expenses include items like consultation or service fees for doctors...
Do I need to put the medical credits on my IRP5 under the medical section of a tax return? No you don’t, this is different information and the medical section only asks for the number of members, the name of the medical aid and your contributions. The IRP5 contains the tax benefit ...
Just to clarify, the medical aid you belong to is in your wife's name, but you pay for it? I'm assuming she is the main member?You will be able to claim the deduction as you pay for it, just as long as she doesn't claim it as well and if you are audited by SARS you can...