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SARS: Medical Tax Credits Guide
- 10 July 2023
- Accounting
- South African Accounting Academy
This guide provides general guidelines regarding the medical scheme fees tax credit and additional medical expenses tax credit for income tax purposes.
This guide includes the amendments effected by section 3 of the Rates and Monetary Amounts and Amendment of Revenue Laws Act 19 of 2022, promulgated on 5 January 2023.
As the year of assessment of an individual ends on the last day of February, the amendments apply to the years of assessment commencing on or after 1 March 2022 (that is, the 2023 year of assessment).
Click here to download the Guide:
https://www.sars.gov.za/legal-counsel/legal-counsel-publications/find-a-guide/income-tax/
Relevance to Auditors, Independent Reviewers & Accountants:
- The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer, accountant and tax practitioner, you need to be aware of the latest guides and other publications issued by SARS.
- You might need to advise clients on how to correctly claim rebates on their medical contributions and expenses
Relevance to Your clients:
- Entities and individuals have a duty to comply with the Income Tax Act.
- Individuals need to know how to correctly claim rebates on their medical contributions and expenses.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.