Sars 2017 Pocket Guide
Feb 23, 2017 SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2017/18. Bigger font size for your convience_Budget Tax Guide 2017. Sars tax pocket guide 2017 keyword after analyzing the system lists the list of keywords related and the list of websites with related content, in addition you can see which keywords most interested customers on the this website.
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(1 posts). (1 posts). (1 posts). (2 posts). (3 posts) Ask TaxTim Got a question you want answered about tax? Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme benefits and our wallets.
It's an outlay few can avoid. Luckily, certain medical expenses come with a bit of tax relief in the way of tax credits.
A tax credit is a non-refundable rebate. This means that a portion of your qualifying expenses, in this case medical related spend, is converted to a tax credit, which is deducted from your overall tax liability (the amount of tax you have to pay SARS). You can't carry any unused credit over to the next and it won't ever result in a negative amount or standalone refund from SARS. This means that if you don’t earn an, but do contribute a medical aid, you can’t claim the medical credit. But many people are unsure of what medical expenses are allowed, and even more unaware of the used.
Let's sort that out, shall we? Before we get into the actual numbers, though, it’s likely you’re not only paying for your own medical expenses but probably for those of your immediate and sometimes extended family too. For this reason, it’s important to understand what SARS considers as dependents.
Who SARS Considers as Dependents for Medical Expense Claims SARS sees the following as dependents:. A (husband or wife). A child and the child of a spouse (e.g. Son, daughter, stepchild or children, adopted child or children) who was alive during any part of the year of assessment, and provided that on the last day of the year of assessment he / she was unmarried and:. a minor, i.e. Under the age of 18, or. under 21 years of age, but partly or entirely dependent on you for maintenance and not yet liable for normal tax themselves, or.
under 26 years of age, but partly or entirely dependent on you for maintenance, not yet liable to pay normal tax themselves and a full-time student at a publicly recognised educational institution such as a university or technikon. Any other member of your family who relies on you for family care and support (e.g.
Mother, father, sibling, mother or father-in-law, grandparent or grandchildren). Any other person recognised as a dependent in terms of the rules of a medical scheme or fund Tax Deductible Medical Expenses Medical Aid Contributions SARS calls this rebate the Medical Schemes Fees Tax Credit and it applies to the fees paid by a taxpayer to a registered medical scheme for you (as the taxpayer) and your dependants. The credit (for 2019) is a fixed monthly amount of R310 for you as the primary member, a further R310 for your first dependent and R209 for each of your additional dependents. If John pays for medical aid for himself, his wife and his 3 children, his tax credit will be calculated as follows. R310 for John + R310 for John's wife + (R209 x 3) for his 3 children = R1,247 tax credit per month John's tax liability is therefore decreased by R1,247 per month. Note that this is a flat rate per month and doesn’t take your taxable income into consideration.
If you're paying your contributions via your employer, i.e. As a deduction from your salary or wages, your employer is obliged to use the credit system to adjust your PAYE tax accordingly. If not, completing the medical aid contributions section of your annual tax return will apply the permitted credit for your advantage. Additional Medical Expenses Tax Credit The Additional Medical Expenses Tax Credit is in place to provide some credit for excess medical expenses and comprises 2 parts:. Excess medical aid contributions, and. Out-of-pocket medical costs (i.e. Those not reimbursed or claimed from medical aid) Excess medical aid contributions are relatively straightforward to work out as you’ll use the total amount you paid towards medical aid as your base amount and then apply the formula applicable to your individual situation.
We’ll get to this in just a moment. Out-of-pocket expenses are a bit more complex. Out-of-pocket medical costs, as per SARS, are those expenses that you’ve paid for yourself, which have not been reimbursed from medical aid. (If you submit ALL your medical expenses to your medical aid, this amount is normally reflected on your tax certificate from the Medical Aid as 'claims not paid', 'amount not reimbursed' or something similar. Remember this won't include expenses you incurred but didn't submit to medical aid. You'll have to tally those up separately.) This doesn’t mean that you can include all and sundry from the pharmacy, though.
Sars 2017 Pocket Guide
SARS has certain restrictions on what qualifies as an out-of-pocket medical expense. What are for Tax?