Welcome back to Week 2 of the Medical Aid Credits Series
What is Medical Scheme Fees Tax Credits?
- Medical Scheme Fees Tax Credits is a rebate which reduces the normal tax a person pays. This rebate is non-refundable and can’t be carried over to the next year of assessment.
- In other words, this rebate will reduce your normal tax to a lesser amount or nil, however it can’t create a negative amount.
- It applies for years of assessment starting on or after 1 March 2012 (from the 2013 year of assessment).
Who is it for?