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...
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...
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...
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...
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...
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...
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,...
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...
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...
Previous Articles
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...
Advice for provisional taxpayers who have missed the tax deadline
By Jeremy Burman of Private Client Holdings Are you a provisional taxpayer who recently awoke in the dead of night in a cold sweat with the realisation that you missed the 28 February 2018 provisional tax deadline? Or do you have a sinking feeling that you should have...
Bitcoin: the tax question
Christopher Renwick, Attorney at Tax Consulting SA investigates the tax implications of making money from cryptocurrency. Although usually behind the global curve, South Africa seems to be keeping pace with the current Bitcoin trend. This is positive, as we are living...
We have no policy to delay refunds, says SARS
After publishing an article about increased tax audits and delays in refunds by SARS, and telling the story of a taxpayer who was hounded by SARS for 49c, City Press was inundated by responses from readers adding to the complaints against SARS. These complaints...
Beware the potential tax pitfalls of earnings through Airbnb
A brief search on Airbnb reveals over 10 000 property listings in Cape Town alone. If you're not already doing it yourself, you probably know of someone who has hit on the golden solution of renting out their property through this internationally recognised online...
What to do if you’re running late submitting your tax? Tax deadline: 24 November
24 November 2017 is the most important date on the calendar for taxpayers, as this is the deadline for most taxpayers to file their annual tax returns. Each year, more than two million taxpayers leave filing their tax returns to the last minute and hope to get them...
Tax season: your top tax investment questions answered
Confused about how to report on your investments to SARS? With the 2017 tax season in full swing, now is the time to get your documents ready, urges Carla Rossouw of Allan Gray Investment Managers. 1. What documents do I need? When filling out your tax return, gather...
Running your business as a personal piggybank could scuttle future growth
By Gary Palmer, CEO at Paragon Lending Solutions Death and taxes – the two certainties in life. While we spend a good portion of our time working out, eating right and minimising personal risk to avoid the former, getting too clever in avoiding the latter could cost...
Tax tips for freelancers or sole traders
We’re one month into tax filing season, and millions of South Africans are planning to file their annual returns within the given time frame. For many people who have left corporate employment to start a home-based business or join the gig economy, this will be the...
Treasury’s plans for income earned overseas
The South African Revenue Service (SARS) has published its proposed amendment to tax the income of South Africans working overseas. If this amendment to the foreign employment income exemption is passed, it may come into effect in 2019. Tertius Troost, tax consultant...