The rebate is non-refundable and cannot be carried over to the next year.
The credit began in 2013 when it was first enforced after 1st March 2012.
You may have wondered at one time, does medical aid reduce tax?
Medical aid tax credit. Photo: pexels.comSource: UGC
This can only be established by knowing every detail about the MTC.
How does the medical tax credit work?
For those asking, is medical aid tax deductible in SouthAfrica?
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The essence of MTC was to bring about equality in health care expenses across all income levels.
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You should note that MTC is an amount that is fixed and only increases with the number of dependents.
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The credit will be deducted automatically from your payable levy charges.
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So, how exactly does it work and apply?
Medical Aids. Photo: @medicalaidsSource: UGC
It is essential when all you want to do is focus on qualifying medical expenses for a tax deduction.
MTC impacts both employers and employees effectively.
Understanding the medical aid tax credit is for your own good.
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see to it that your employer considers it or that you could follow up and enjoy its benefits.
DISCLAIMER:This article is intended for general informational purposes only and does not address individual circumstances.
Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
She has a Bachelor of Commerce & IT from the University of Nairobi and joined Briefly.co.za in November 2019.
The writer completed a Google News Initiate Course.
it’s possible for you to email her at perisrodah254@gmail.com.
