Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme
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SARS 2024 tax season dates:
15 July 2024 to 21 October 2024: individual (non-provisional) taxpayers
15 July 2024 to 20 January 2025: provisional taxpayers
If you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return in 2024.
However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.
Here are the top 5 reasons why you should not skip filing your tax return this season:
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In order to complete the Medical section of your annual tax return, you will need a tax certificate from your medical scheme (if you contributed to a medical scheme that is!).
This certificate details exactly how much was paid to the medical aid for yourself and your dependents over the course of the tax year (1 March to end Feb). It also details how much money you paid for other medical expenses, such as medicines and doctors expenses, which you claimed for, but your medical aid did NOT cover...
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If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return.
This will ensure you receive the medical aid tax credit that is due to you.
Do you belong to any of the below medical aids?
- Bankmed
- Bonitas...
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Too often, taxpayers rush when completing their tax return, and then they miss out on some expenses they are eligible to claim. Don’t overpay tax by overlooking these seven common tax breaks.
Contributions towards a Retirement Annuity
Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year). This limit applies to the total contributions you make to any Pension, Provident or Retirement Annuity (RA) fund during the year...
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Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back
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These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,
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The Momentum HealthSaver is a savings account which works with your medical aid and allows you to save for additional medical costs which are not covered by your medical aid.
When it comes to filing your annual tax return, there seems to be some confusion around how your monthly payments to the HealthSaver, as well as medical costs paid from the HealthSaver, are treated for tax purposes.
Momentum Tax Certificates
It is important to point ou...
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When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up.
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Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?
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Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.
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Date
Taxpayer's Full Name
Address
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It’s not all doom and gloom when it comes to the rising costs of medical expenses. You can expect some tax relief if you contribute to a medical aid and if you spend a certain amount on ‘out of pocket’ expenses.
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When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for:
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At TaxTim we receive many questions from taxpayers who pay medical aid for dependent family members and who want to know if they can claim for this in their tax return.
When paying medical aid contributions for a ‘financial dependent’ the medical scheme fees tax credit applies in respect of fees paid by the person to a medical scheme. This means that the person who is paying the medical aid will receive the medical tax credits, and not the dependent/member of the medical aid.
Who is a ‘dependent’?...
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We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. This week, we will focus on this issue and hopefully help other taxpayers out there who may have the same questions.
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Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...
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Personal Tax Rates (rates below)
Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...
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The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver his budget for the 2016/2017 tax year and save South Africa from a financial pit-fall in the form of an International Ratings Agency downgrade. The jury is still out on whether or not this is possible. Immediately after the budget was revealed the Rand tumbled 2%, which doesn’t bode well for market sentiment. However, ...
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