What is SARS tax credit?

The Medical Schemes Fees Tax Credit provides for a standard monthly credit against your tax owing to Sars. As the primary medical aid member, you are entitled to a medical tax credit of R332 for the 2021/2022 tax year as well as a medical tax credit of R332 for the first dependant.

How do you know SARS owe you money?

There are three ways to find out how much tax debt you owe:

Call the SARS Contact Centre. Steps to follow: Call the SARS Contact Centre and request a statement of account.
Log on to eFiling and request a statement of account.
Log on to the SARS MobiApp and request a statement of account.

How do I claim tax back from SARS?

How to claim a refund? To ask for the processing of an overpayment the withholding agent must complete the Claim for Refund out of Revenue (REV16) form. If you need any help with filling in the form you may call the SARS Contact Centre on 0800 00 7277 or go to your nearest SARS branch.

How does SARS work as a tax credit?

The SARS Medical Tax Credits In 2012, SARS changed the way it treats medical expenses and introduced a medical scheme fee tax credit. Originally, your medical aid contributions would be a deduction against your taxable income. Now, this medical credit is a tax credit which is deducted from your overall tax liability.

Why is FinCEN concerned about SARS filings?

FinCEN is concerned that an increasing number of private parties, who are not authorized to know of the existence of filed SARs, are seeking SARs from financial institutions for use in civil litigation and other matters.

Do you need medical aid certificate to claim SARS?

Claiming for SARS medical expenses may seem complex, but it really isn’t! As long as you have your medical aid certificate (if applicable) and any qualifying medical expenses along with receipts, SARS will do all the medical tax credits calculations for you.

What are the dangers of unauthorized disclosure of SARS?

The unauthorized disclosure of SARs could undermine ongoing and future investigations by tipping off suspects, deterring financial institutions from filing SARs, and threatening the safety and security of institutions and individuals who file such reports.