As from 1 March 2012, the National Treasury converted monthly tax deductions into “tax credits”. 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.
This new credit system will only apply to taxpayers under the age of 65. Taxpayers, who are 65 years and older will, for the time being, continue to enjoy a full deduction for all their medical related expenses.
WHAT YOU SHOULD KNOW ABOUT YOUR SELFMED MEDICAL TAX CERTIFICATE AND MEDICAL DEDUCTIONS:
Where can I download my medical tax certifi cate?
Go to www.selfmed.co.za and register or log in if you have already registered. Follow the links and download your tax certificate. If you need assistance, please contact the Member Excellence Centre on 086 078 7372.
Where will I find my contributions if I am a salaried employee?
Members whose contributions are being paid via salary deductions must please refer to their IRP5 documents supplied by their employers, for their portion of contributions paid.
What does the member’s portion on my medical tax certificate consist of?
The Member’s portion paid on claims, as refl ected on your tax certificate, refers to the differencebetween the cost charged and the benefit paid by the Scheme for accounts settled from 1 March 2011 to 29 February 2012.
Who must provide proof of medical expenses to SARS?
It is not Selfmed Medical Scheme’s responsibility to provide SARS with detail in respect of any medical aid expenses not covered. It remains the responsibility of the individual member to declare and provide proof of all medical expenses to SARS.
What about tax certifi cates for late estates?
These will be dealt with on an individual basis. Please contact us should you require further information in this regard.
Where will I find further information?
Find more details at www.selfmed.co.za, or contact the Member Excellence Centre on 086 078 7372 or at firstname.lastname@example.org.