Changes to the Income Tax Act allow healthcare practitioners to have the benefit of substantial savings on their annual Income Tax liability, advised Walter Green of The Tax Shop. These savings on Income Tax and VAT are available to healthcare practitioners with a private medical practice and subject to certain conditions.
Green said “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 by SARS.
“There are numerous changes to the tax regime on an annual basis, sometimes impacting the general taxpayer and other times impacting specific types of taxpayers. Of those the most noticeable changes to the Income Tax Act in recent times, now also allow health care practitioners to enjoy substantial savings on their annual Income Tax liability.”
“This can be achieved with minimal changes to their current tax status, if structured correctly. The annual Income Tax saving on offer may range between R100,000 and R400,000 depending on annual taxable income and circumstances.”
In addition, there is also VAT savings of R130 000 for an initial 12-month period available to current practitioners registered for VAT.
Should you wish to learn more on these tax savings available to health care practitioners, please email the author at email@example.com for a no obligation consultation.
For more information, visit The Tax Shop: www. https://www.taxshopservices.co.za