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Phumla says: 1 July 2015 at 22:23 I have done a calculation of my assessment. I was under the impression I will get all my RA contributions back as a refund but I did not. Is this correct? And my extra medical expenses, where do they go? |
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TaxTim says: 1 July 2015 at 22:26 You are only refunded the RA contribution multiplied by your tax rate. For medical, please read our blog about Medical Tax Credits to get an understanding of how that works. |
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Phumla says: 1 July 2015 at 22:32 I'm not sure what this means? Please illustrate using an example. |
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TaxTim says: 1 July 2015 at 22:36 If you contributed R5000 for the year to a RA and your tax rate is 25% then you will only receive R1 250 back as a refund. |
