As from 1st March 2012, the tax credit available to Medical Aid Members under 65 will be drastically reduced to a deduction of R216 per month from normal tax or double that for an individual and a dependant and thereafter plus R144 per month per additional dependant.
Presently the deduction is R1 440 per month from taxable income for a Member and one per dependant and R440 for additional dependants.
Other medical costs can only be deducted from taxable income to the extent they exceed 7.5% of the tax payer’s taxable income. But, for those of us who are 65 or older, there are no deduction limits on actual medical expenditure which offers some consolation to the bumpy journey of old age!
No comments:
Post a Comment