Planning for Exit
With the world’s recent and continuing lockdowns, in view of the ever-present Covid-19 pandemic, more and more South Africans are considering moving abroad (or having their children move abroad).
South Africans Abroad: Watch Out For SARS’ Audits
This year’s filing season which opens on 1 July 2021, will be the first in which expatriates will feel the impact of the amendment to Section 10(1)(o)(ii) of the Income Tax Act, or the ‘Expatriate Exemption”.
Recent Changes To Financial Emigration Leaves Banks In The Dark
“From blocked accounts, to financial freedom, and back to blocked accounts.”
Claiming Home Office Deductions – Proceed With Caution
SARS recently published a webpage, “Home Office Expenses”, providing guidance to employees who worked from home and who want to claim home office expenses as a deduction against their income.
Relying on the ‘Tick-Box Approach’ to Cease Tax Residency Should Raise Alarm Bells for South African Expatriates
Some tax advisors are reported to have directed their expatriate clients to cease tax residency in South Africa by simply ticking the non-resident box in the client’s return and thereafter deregistering the client as a taxpayer from SARS. Following such shady advice could result in a criminal act and will have the client suffering at […]
Do You Need To Submit A Tax Return?
The Commissioner for SARS prescribes per government notice who is required to submit a tax return. The notice in respect of the 2021 year of assessment was published on 14 May 2021.
Through the Looking Glass: SARS Audits on Offshore Assets
South Africa has a history of taxpayers making use of offshore structures in order to conceal their assets and income. Taxpayers have long believed that these arrangements were beyond SARS’ reach, but will they stand the test of time?
Increased UIF Contribution Ceiling Finally Takes Effect
After a false start earlier this year, the increase to R17,712 in the Unemployment Insurance Fund (UIF) contribution ceiling has now taken effect.
Declaration Of Cease To Be A Tax Resident
On Thursday 3 June 2021, SARS issued its guidance on what ceasing South African tax residency involves, by posting its “Cease to be a Resident” webpage. This is a welcome initiative that may clear up any misconceptions and dispel any advice peddled in the market that this is simply a matter of ticking boxes.
Disappearing Exchange Control
We have seen significant changes and adjustments to the exchange control policies with National Treasury steadily reducing exchange controls for individuals seeking to send money abroad, particularly in the last 15 odd years.