Guide on medical tax credits
|CPD Hours:||Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
Gillian Peach- Stander
With the tax season around the corner, it is imperative that all taxpayers and tax practitioners understand which medical expenses they can claim, and how to do this. Can you claim that Doctor’s bill the medical aid did not cover from tax? How about that pharmacy bill, or even the vitamins you bought to stock up for winter? Uninformed individuals might have given you advice on what to claim and how to do this, and that advice might be very incorrect, to your detriment. Make sure you understand what you can and cannot claim, and how this calculation is made, so that you can comply with tax legislation. This session is aimed at explaining the medical tax credits in detail by discussing the guide. This to ensure that delegates are aware of what they may claim, how much they can claim, and when they cannot claim. This is especially important for taxpayers with disabilities, or the elderly, or tax practitioners who have dependents who are disable or elderly, as they specifically have different rules.
By the end of this course, delegates will have a clear understanding of what medical expenses can be included when calculating your tax credit, how this calculation is done, and what will happen if you do this incorrectly. This session will focus specifically on the yearly calculations for Income tax submission purposes, and not on monthly PAYE.
• What is the two different types of credits that can be claimed and how are they different? o Section 6A rebate o Section 6B rebate • Qualifying persons for whom contributions may be claimed • Meaning of a “dependant” • Qualifying contributions • Qualifying medical expenses not paid by medical aid • Expenditure incurred outside the republic • Qualifying disability expenditure • Physical impairment • Amount of medical scheme fees tax credit to be deducted • How to claim this credit • How to object should this be disallowed
Any and all taxpayers who are doing their own tax return and need guidance on how to deal with medical expenses, Any and all tax practitioners, as well as employees who perform these calculations for clients.