Medical Aid & Tax 2011


by Julius Cobbett from Moneyweb.co.za

Taxpayers are allowed to deduct medical aid contributions from their tax bill. From March 1 2011 the maximum amount you may deduct has increased from R670 a month to R720 for each of the first two beneficiaries, and from R410 to R440 for each additional beneficiary.

The National Treasury will also convert these monthly deductions into ?tax credits? with effect from March 1 2012.

?A tax credit provides for more equitable tax relief, as the relative value of the relief does not increase as the marginal tax rate of the individual increases, as is currently the case,? notes the 2011 Budget Review.

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