If you contribute to a registered medical scheme, you are entitled to a reduction in your tax liability. For the 2019 tax year (March 1 2018 to February 28 2019), you are entitled to a monthly tax credit of R310 as the main member of a medical scheme. If you have a dependant on your medical scheme, you are entitled to an additional R310 monthly credit; any dependants thereafter will enable you to receive an additional monthly credit of R209 per dependant. There are generally two ways in which you will see a reduction in your tax liability as a result of these medical credits. 1. Your medical scheme is processed through your payslip If you employer processes your contributions to your medical scheme, you will receive the benefit of your medical credit on a monthly basis - that is, your monthly tax liability will be reduced by the medical tax credit. For example, if you are the only person on your medical scheme, you will pay R310 less tax on your salary each month as a result of this...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.