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...
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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...
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...
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....
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...
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...
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...
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...
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,...
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...
Previous Articles
Save your windfall
Receiving relevant financial information when you need it is the holy grail of financial education. If you can reach people at a time when they need to make important financial decisions, you can guide them to make the best decision for their future. How many people...
Tax options for freelancers
As a freelancer should you form a company or remain a sole proprietor? During periods of weaker economic growth, companies are more open to using freelancers or contractors to reduce their cost-to-company spend. It also creates employment in an economic environment...
Possible wealth tax
By Hilary Dudley, Managing Director of Citadel Fiduciary Proprietary Limited On 25 April 2017 the Davis Tax Committee (DTC) released a media statement calling for written submissions on the possible introduction of wealth taxes in South Africa. This is a contentious...
How do I calculate my tax?
By Cathie Webb, Director, South African Payroll Association Minister of Finance, Pravin Gordhan, released updated tax tables on 22 February during his 2017 budget speech. We understand that many of us will be paying more tax and therefore taking less money home in our...
Spouses need to review their finances
Changes to the taxation of estates could leave a surviving spouse with a hefty tax bill. Last month the Davis Tax Committee (DTC) issued an update on its tax recommendations especially around so-called “death taxes”. Some of the key recommendations are to remove...
Ignore SARS questionnaires at your peril
by Nthati Khumalo, Tax Compliance Trainee at BDO South Africa The High Court recently held that Mr Julian Brown must submit a response to a SARS lifestyle questionnaire or suffer the consequences. SARS may in terms of the Tax Administration Act (the TAA), in...
The tax implications of cellphone allowances
Esther van Schalkwyk, senior tax consultant at BDO South Africa unpacks some of the important aspects of cellphone allowances and highlights the value of proper tax planning. Many employees receive a cellphone allowance in some form or other as part of their...
The impact of tax increases on your R1000
By Ricardo Teixeira, COO of BDO Wealth Advisers With South Africa precariously placed on the cusp of a credit rating downgrade, being able to demonstrate to the global credit rating agencies that ‘SA Incorporated’ is solvent and growing has been a key focus of the...
Time is ticking on disclosing your foreign assets
By Kezia Talbot, Legal Advisor at BDO Wealth Advisers For those taxpayers with undisclosed foreign assets, time is running out. With the introduction of FATCA and a global standard for the automatic exchange of information between countries’ tax authorities, it is...
Budget 2016: What do the Capital Gains Tax changes mean?
By Hedley Lamarque, Certified Financial Planner at BDO Wealth Advisers If you have been planning on cashing in an investment (such as shares or unit trusts) in the short term, then it would be better to do it before the end of February 2016, due to changes in capital...