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Asset Distribution from the dissolution of PUREhealth Medical Scheme
25th May 2011
Dear Member, Having finalised the statutory process of Voluntary Dissolution, which included the Liquidation and Distribution Account being published and finally approved by the Registrar at the Council of Medical Schemes as comprehensive and complete, the remaining assets have been distributed equally amongst all previous Principal Members of the scheme at the time of dissolution – 31 December 2009. Where we had record of verified credit banking details, the due asset distribution monies have been paid directly into the member’s bank account, less any monies owed to the scheme, either from outstanding contributions or other debt Where no verified credit banking details were available, the monies due will be paid over to the Guardian Fund of Master of the North Gauteng High Court: Pretoria and such affected members should contact the fund for re-imbursement.
In terms of Section 8(4) of the Income Tax Act, 1962 (the Act) a person’s income includes any recoupment of a deduction that has previously been claimed. Included in the scope of this recoupment are deductions made for medical aid contribution. Irrespective of the fact that the recoupment is of a capital nature, such recoupments fall within the broad ambit of section 8(4) of the Act - recoupment. The same principle applies to liquidation or dissolution payouts. Please note that this amount is regarded by SARS as income and as such must be declared in your annual tax returns. A tax certificate for the 2010 / 2011 tax year will be issued to you, which will include monies reimbursed to you. Yours sincerely,
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