Tax considerations for cross-border workforces
Given the ever-changing landscape of the past two years, the adage that nothing is certain except death and taxes is perhaps more apposite than ever. Although it may appear that a semblance of […]
Tax
Asisa recommends that tax regime be left as it is when two-pot system is introduced
The Association for Savings and Investment South Africa (Asisa) says the tax regime for retirement savings should not be changed when the two-pot retirement system is introduced, but any changes should only be […]
Discussion document coming on tax treatment of collective investment schemes
National Treasury will publish a discussion document dealing with the tax treatment of collective investment schemes’ trading profits before proposing amendments to the Income Tax Act, the 2022 Budget Review says. CIS distributions […]
How taxing annuities at the fixed PAYE rate will affect pensioners
The latest move by the South African Revenue Service (Sars) to require the withholding of PAYE from annuity payments at an “effective tax rate” as required in directives issued to payers of annuities […]
How to make the best use of a tax-free savings account
With the end of the tax year fast approaching, investors who haven’t already done so should be considering making use of their R36 000 annual contribution to a tax-free savings account (TFSA). Jaco van […]
Tax change for taxpayers who receive employer and pension income
The SA Revenue Service (Sars) will introduce changes to its systems from 1 March 2022 so that taxpayers who receive income from more than one source, and where one of the sources is […]
Treasury tightens noose on retirement assets of emigrants
The Budget Review 2021 includes a proposal to impose a deemed retirement withdrawal tax on retirement assets of emigrants as an exit tax. According to Joon Chong and Wesley Grimm of leading law […]
Treasury tightens noose on retirement assets of emigrants
The Budget Review 2021 includes a proposal to impose a deemed retirement withdrawal tax on retirement assets of emigrants as an exit tax. According to Joon Chong and Wesley Grimm of leading law […]
More than one income? – Do not underestimate your tax liability
South African taxpayers with different sources of income are often shocked when they discover at the end of the tax year that pay-as-you-earn (PAYE) deductions did not cover their tax liabilities and that […]
Tax complaints – Who to turn to
The role of the Tax Ombud (OTO) is to review taxpayers’ complaints against SARS and help resolve them through mediation or conciliation. OTO’s CEO, Prof Thabo Legwaila, recently reiterated the importance of fairness […]
Tax complaints – Who to turn to
The role of the Tax Ombud (OTO) is to review taxpayers’ complaints against SARS and help resolve them through mediation or conciliation. OTO’s CEO, Prof Thabo Legwaila, recently reiterated the importance of fairness […]
Common errors with tax returns – SARS taking a tough stance on submissions
Various recent media reports commented on the planned changes to the tax legislation which could see common errors on tax returns resulting in jail time. “New draft legislation seeks to scrap the concept […]
Tax services – Now under umbrella of essential financial services
According to Government Gazette No. 43266, “services required to comply with an obligation imposed by or to exercise a right in terms of a tax Act” are now included within the range of […]
COVID-19 – Introduction of tax measures to combat the pandemic
In light of the National State of Disaster and due to the significant and potentially lasting negative impacts on the economy from the spreading of the COVID-19 virus, the Minister of Finance announced […]
Preparations for tax deadline
With the end of the tax year around the corner, everyone should be getting their tax documentation in order. In a recent Moneyweb article, Gareth Collier of Crue Invest (Pty) Ltd shares a […]
Expat tax kicks in soon – Those affected need to heed implications
South African’s living and working abroad are preparing themselves for the new amendments to the Income Tax Act, which have been dubbed the expat tax, to come into effect from 1 March 2020. The National […]
South Africa’s new ‘expat tax’ – 7 things you need to know
The change to section 10(1)(o)(ii) of the Income Tax Act, the foreign income exemption, will become effective from March 2020. South African tax residents working abroad will then be taxed on all their foreign […]
