South Africans with different sources of income are often shocked when they discover that PAYE deductions did not cover their tax liability for the year.
Tag - Sars
Many South Africans who had to start working from home due to the national coronavirus lockdown imposed on businesses will not yet be able to claim home office expenses.
SARS has grown rather fond of appointing third parties, such as banks, to recover outstanding tax debts directly. But is this legal?
The laws around tax for South Africans who live and work abroad have changed and it's important to work out whether or not you are now expected to pay tax on income you earn outside of the country.
As this is a leap year, 29 February marks the end of the financial year. All information up to this date will be included in your 2019/2020 tax return.
Take a moment to think about what you did with your tax refund last year, if you were lucky enough to get one. Do you even remember?
With less than six months to go, expats are scrambling to understand the implications of the amendment to section 10(1)(o)(ii) of the Income Tax Act.
SARS has proposed a cap on the tax deduction available in respect of investments in a section 12J venture capital company (“VCC”).
The tax exemption on South African expatriates is set to change on 1 March 2020, and will result in seriously increased tax liability for many South African who earn income overseas.
SARS's tribulations in meeting its collection targets have not yet waned, with payroll audits falling under its enhanced collection efforts to make up the shortfall.