Hi All,
Please confirm that if any additional TAX CREDIT is applicable for the >65 Years aged employees. We can't see any update in the Payroll guide.
Regards,
Sivachidambaram S
Hi Sivachidambaram,
Please refer to page 29 of the Payroll Tax Pocket guide for 2023/2024:
The formula for calculation the additional tax credit remains the same, and the values are determined by the new credit amounts:
The monthly medical scheme fees tax credit amounts are:
• R364 for the main member,
• R364 for the first dependant, and
• R246 for each additional dependant.
Hi Sivachidambaram,
Please refer to page 29 of the Payroll Tax Pocket guide for 2023/2024:
The formula for calculation the additional tax credit remains the same, and the values are determined by the new credit amounts:
The monthly medical scheme fees tax credit amounts are:
• R364 for the main member,
• R364 for the first dependant, and
• R246 for each additional dependant.
