Tax certificates
Tax season is coming
In order to complete and submit your South African income tax return for the year 2017 to 2018 you need your medical scheme tax certificate. As a Bankmed member you will receive your tax certificate via email prior to the financial year-end and they can also be downloaded from our website here: https://www.bankmed.co.za/portal/individual/tax-certificate.
This certificate details exactly how much was paid to the medical aid for yourself and your dependents over the course of the tax year (1 March 2017 to end Feb 2018). The tax certificate also details how much money you paid for medical expenses, such as any medicines or doctor’s expenses, which you claimed for, but your medical aid did not cover. This information is important for your tax return and the information included can improve your chances of getting a tax refund when you submit.
On your tax certificate, you are provided with the following necessary information to complete your tax return:
What is shown on your tax certificate and how is it calculated?
- Contributions from 1 March 2017 to 28 February 2018 which reflect medical scheme contributions for this tax period only. Any backdated changes that apply to this tax period and were made after this certificate was created, will be included on the tax certificate for the next tax period. When you receive an IRP5 from your employer, you should rather refer to the contribution amount on that IRP5 when completing your tax return. As a pensioner you will be receiving an IT3(a) certificate from your Pension Fund
- “Own portion paid on claims” refers to claims we did not cover, for example, where claims exceeded the benefit limits. We have included claims for 2018 service date processed up to 28 February 2018
- A breakdown showing the total number of active members – main member and active dependants – each month in 2017 and 2018 (you will need to list these on your tax return)
How are contributions from 1 March 2016 to 28 February 2017 calculated?
The tax certificate shows only the portion of your monthly contribution for which you may obtain a tax benefit. We consider only the portion of your monthly contribution paid to the medical scheme (including your Medical Savings Account (MSA) if applicable).
What is an IT 3(b) Certificate?
As we administer money within a savings component, we are required to tell you how much interest you have earned. This is applicable to members who have a MSA.
My IT 3(b) MSA certificate:
The amount on this certificate shows the total interest earned on the money available (if any) in your MSA.
My IT 3(b) Accumulated Savings Account certificate:
This certificate shows the interest you continue to earn on the money you still have available in the Accumulated Savings Account. This value will include any carry-over savings from previous years if applicable.
How does the Scheme calculate interest?
The IT 3(b) shows the interest you’ve earned on your MSA and/or your Accumulated Savings Account (if applicable) during the tax year. Interest is calculated in arrears. So, the interest calculated at the end of the month is based on the opening balance for that month.
Find out more about submitting your tax return this tax season here:
Should you have any queries pertaining to your tax certificates, kindly contact us on 0800 BANKMED (0800 226 5633) or e-mail enquiries@bankmed.co.za.
https://www.bankmed.co.za/portal/individual/tax-certificate
https://www.bankmed.co.za/portal/individual/find-a-document
https://www.taxtim.com/za/blog/where-can-i-get-my-medical-scheme-tax-certificate