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CREDITS - Coggle Diagram
CREDITS
Medical Scheme fess Tax Credit s6A
R310 pm (Only one)
R620 pm (First 2)
Monthly Credits
To a registered medical scheme
R209 pm additional...
In respect of Contributions
PAID
May not create a refund
After Rebates
Excess may not be carried over to next year
Must be deducted from normal tax payable
If an ER paid the contribution & they are included in GI of EE (Fringe benefit)
Then, for Credits purposes, EE is DEEMED to have
PAID
s6quat
Translated on last day of assessment
@ Average rate
Including Foreign Capital Gains tax paid
Foreign Tax Paid (Calculate)
Credit on Foreign Tax PAID by SA resident
Calculate SA Tax payable
Foreign Tax credit
Foreign Tax Credit = Foreign tax paid
LIMITED to Formula:
LIMITATON = Foreign tax / Total tax * SA tax liability
Excess carried fwd for SEVEN years
NB Definitions
Child
Disability
Dependent
Qualifying medical expenses
s6
Primary
Secondary (Additional)
Tertiary (Additional)
s6A Apportionment
In order of dependency
If paid by more than 1 Person
s6B
Qualifying medical expenses
Do this even if no s6A