NEWS | NEW TAX BILLS IMPOSE STRICTER RULES TO TAKE RETIREMENT FUNDS ABROAD
The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020 and with it comes an overhaul of the regime for taking your retirement funds abroad.
NEWS | RENTING OUT PROPERTY: ARE THE REWARDS WORTH THE RISKS?
Should the tax consequences of renting out a garden flat deter homeowners from earning some extra income? We weigh up the risks and rewards of residential rentals.
NEWS | SARS TO NAME AND SHAME TAX DODGERS
It seems the SARS Commissioner had an epiphany – make an example of delinquent taxpayers so others will fall in line.
NEWS | NATIONAL TREASURY SEEKS MUCH MORE BITE FOR SARS ON CRIMINAL TAX OFFENCES
The new Draft Tax Administration Laws Amendment Bill (“TALAB”), released on 31 July 2020, proposes a law change that will effectively lower the threshold for SARS and the National Prosecuting Authority (NPA) to criminally prosecute taxpayers.
NEWS | TAXMAN GIVES 7 MONTHS’ NOTICE – THEREAFTER RETIREMENT FUNDS CAPTURED FOR 3 YEARS
Government Moving to Hold onto South African’s Retirement Funds On 31 July 2020, the Draft Tax Law Amendment Bill (“TLAB”) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa. The TLAB seeks to legislate to prevent a South African […]
NEWS | HOW TRAVEL ALLOWANCES WORK
COVID-19 has far-reaching effects for the South African taxpayer and, unbeknown to many, may be silently increasing their tax liability for the 2021 year of assessment.
NEWS | UNDER WHICH CIRCUMSTANCES ARE YOU ALLOWED TO WITHDRAW YOUR RETIREMENT ANNUITY? WHY THESE REASONS?
Currently, individuals are able to withdraw their retirement annuity when they turn 55 or when they financially emigrate and their emigration has been approved by the South African Revenue Service (“SARS”) and by the South African Reserve Bank (“SARB”).
NEWS | THE “DISCREPANCY” SMS FROM SARS – WHAT SHOULD YOU DO?
As Trump likes his twitter; SARS loves the SMS. Over the last week, many taxpayers have received a rather confusing SMS from SARS, informing them that SARS has not forgotten about them, but also that something looks wrong on their taxes.
NEWS | SOUTH AFRICANS WORKING ABROAD: MUST YOU SUBMIT A TAX RETURN TO SARS?
Due to the COVID-19 pandemic and the restrictions implemented, the South African Revenue Service (“SARS”) has pushed back the 2020 tax season by two months. The 2020 tax season will now open on the 1st of September 2020, and closes on the 16th of November 2020, for online submissions, and 22 October 2020, for branch […]
NEWS | PROVISIONAL TAX: PENALTIES AND INTEREST RISKS
Provisional taxpayers must comply with all requirements for filing returns and making payments in order to avoid risk of penalties and interest.