It’s no secret that the rising cost of living is only set to keep growing. Food, fuel, interest rates, inflation – all of these elements are banding together to make South African lives as unaffordable as possible.
According to Leonie O’ Connell, a financial adviser at Momentum, there are ways to be tax-smart in an ailing economic landscape.
“A great benefit is that you can deduct the money that you invest in a retirement annuity from your taxable income,” said O’ Connell. SARS calls this rebate the ‘Medical Schemes Fees Tax Credit’ and it applies to the fees paid by a taxpayer to a registered medical scheme for you and your dependant/s.
If you want to claim for a deduction, O’Connell says you need to ensure the Public Benefit Organisation is in possession of a Section 18A certificate.
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