SARS has announced that tax season 2024 will open on 15 July. In order to ensure a smooth (and possibly rewarding) tax-filing process, it's crucial to understand the complexities of your tax return and how to maximise any tax breaks that you may...
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Tax debt? Take action now!
SARS is upping its debt-collection game, so if you’ve got tax debt, now is the time to do something about it. If you are in debt with SARS or have received a notice of final demand, there’s no need for panic, says Thomas Lobban, Tax Legal...
No change to 2024 income tax tables, but watch out for bracket creep
Beatrie Gouws, Tax Director at BDO, and David Warneke, Assoc. Prof. and Tax Partner at BDO, share their insight into the implications of the 2024 budget for taxpayers across all economic tiers. South Africans breathed a collective sigh of relief as...
You may be liable for your spouse’s tax bill
What being married in community of property means for your taxes If you are married in community of property you may be surprised to discover that 50% of your spouse’s tax liability from investment income (such as interest, rental income,...
SARS issues audit requests upon ceasing tax residency
The experts at Tax Consulting SA warn of the dangers of simply assuming you no longer have tax residency status in South Africa. There is an alarming number of South African expatriates relying on the 'tick-box' approach to cease their tax...
SMEs affected by looting can negotiate with SARS
Jashwin Baijoo, Legal Manager: Africa Tax and Compliance at Tax Consulting SA, suggests a solution for SMEs facing difficulties meeting their tax obligations. In the midst of the ongoing Covid-19 pandemic, riots erupted in South Africa in early...
Beware the unpaid CGT shock
Many taxpayers may not be aware that the payment of capital gains tax (CGT) is due before you receive your investment tax certificates. This affects existing provisional taxpayers as well as any resident taxpayer who disposes of an asset and earns...
Tips for expats to get tax ready
Tanya Tosen, Master Mobility Specialist at Tax Consulting SA, has some tips for expats to make sure they have all their ducks in a row when it's time to file their tax return. Adding to the challenges of 2020, the South African Revenue Services...
Be careful when claiming home office expenses
By Darren Britz, Admitted Attorney, and Laurence Mbokwane, Tax Consultant, at Tax Consulting SA 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...
When SARS unlawfully help themselves to your bank balance
By Jashwin Baijoo, Tax Attorney at Tax Consulting South Africa Everybody knows SARS is under collection pressure and they have grown rather fond of appointing third parties, such as banks, to recover outstanding tax debts directly, which leaves...
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New laws for expats
By Carla Rossouw, tax lead, Allan Gray 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 of 1 March 2020, South...
Video: Use your tax deductions before 29 Feb
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. This includes all tax deductions. Top-up your retirement fund You can invest up to 27.5% of your income, tax free,...
Video: Maximise your tax deductions before 29 Feb
The 29th of February marks the end of the financial year. All information up to this date will be included in your 2019/20 tax return, including all tax deductions. So, make sure you have taken advantage of all those tax perks before the end of the month. Top-up your...
Expats: prepare yourselves
By Jean du Toit and Jonty Leon, technical editors of the publication ‘Expatriate Tax - South African Citizens Working Abroad and Foreigners in South Africa’. As many South African expats are now aware, as of 1 March 2020, the amendment to section 10(1)(o)(ii) of the...
Video: Tax implications of paying your grandchild’s school fees
 As a grandparent you may want to start an investment for your grandchild or help with their education costs. While this is an invaluable gift, you need to consider the tax implications. Donations over R100 000 in any tax year will attract donations tax payable by...
Countdown to the commencement of the amended expatriate tax law
By Claudia Aires Apicella, Head of Financial Emigration at Tax Consulting SA The announcement by National Treasury and SARS in 2017 that the tax exemption on South African expatriates is set to change, has resulted in the lifestyle of many South Africans, who are...
SARS ups tax collection through payroll audits
By Jean du Toit, attorney at Tax Consulting SA Despite the promising initiatives implemented under the South African Revenue Service's (SARS) acting Commissioner Mark Kingon, its tribulations in meeting its collection targets have not yet waned, with payroll audits...
Remember to file your tax return by 31 October
A reminder that the tax season deadlines have been brought forward by a month this year so your efiling returns are due by 31 October – it’s Halloween! This is what you need to know If you earn above R350 000 a year you will need to submit a tax return. If you earn...
Provisional tax rules in for a shake-up
The current draft Tax Administration Laws Amendment Bill, 2018, contains a number of changes to the administrative processes required of SARS and taxpayers. While there are certain proposals that have garnered quite a lot of attention, there are some small, but...
Financial Emigration or Double Taxation Agreement?
By Jonty Leon, Attorney and Financial Emigration Legal Manager and Claudia Aires, Head of Financial Emigration at Financial Emigration. There is a lot of misinformation circulating in the South African expatriate community, perpetuated by service providers using scare...