[Question] % Rebate on approved medical expenses incurred & Deemed vs. Actual km

[WildWill]

Hi

Q1: Please assist with the following: If I have calculated that there is (e.g.) an ammount of R2,000.00 that I have spent on prescribed medical expenses and whihc was not covered by mymedical aid - what % of that R2,000.00 will I recieve back from SARS as rebate? What does that calculation look like?

Q2: I understand that I have the option of claiming either actual km travelled (with a llog book) or DEEMED km. What should my considerations be when deciding between these two approaches?


Thanks!

[Nickolai Naydenov]

That R2000 I'm guessing you won't be able to claim back, generally you can claim any medical expenses over 7.5% of your annual income.

If you use log book make sure everything is up to date and corresponds with your service book and etc in case you get audited, if you use deemed km make sure all your petrol slips are in order, but then again they might ask for service book or something to verify the km traveled. Bottom line is you wana have all your ducks in a row just in case you get audited

[WildWill]

That R2000 I'm guessing you won't be able to claim back, generally you can claim any medical expenses over 7.5% of your annual income.

If you use log book make sure everything is up to date and corresponds with your service book and etc in case you get audited, if you use deemed km make sure all your petrol slips are in order, but then again they might ask for service book or something to verify the km traveled. Bottom line is you wana have all your ducks in a row just in case you get audited

Thanks Nickolai! - So lets assume that the ammount spent in this way was more than 7.5% of my annual income, what % of spent would I get back from SARS?

[Nickolai Naydenov]

http://www.moneywebtax.co.za/moneywebtax/action/media/downloadFile?media_fileid=204