Tax Shop

Income Tax Amendments leads to tax savings for Medical Practitioners

The South African tax landscape can be daunting to manage for business managers and health care practitioners alike. What to pay, when to pay and how much to pay all need to be done accurately and timeously to avoid penalties and interest imposed willingly by SARS. As Benjamin Franklin stated in 1789, nothing can be said to be certain, except death and taxes.

There are numerous changes to the tax regime on an annual basis, sometimes impacting the general tax payer and other times impacting specific types of tax payers. The most noticeable changes to the Income Tax Act in recent times now allow health care practitioners to enjoy substantial savings on their Income Tax liability of up to R100,000 every year. This can be achieved with minimal changes to your current tax status. There is also VAT savings of R150,000 for an initial twelve-month period available to current VAT payers.

These savings on Income Tax and VAT are exclusively available to health care practitioners with their own private medical practice and a staff compliment.

Should you wish to learn more on these tax savings available to health care practitioners, please email the author at walter.green@taxshop.co.za. Author – WT Green CA(SA)

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