MoneyMarketing

Tax

6 days ago

A guide to SARS’ tax relief for taxpayers with disabled dependents

Many taxpayers in South Africa are unaware of the valuable tax relief available for those supporting disabled dependants. Properly claiming these deductions can reduce expenses related to care, helping families manage the additional costs associated with providing care for individuals with disabilities. Taxpayers who have dependants with disabilities are eligible to claim additional tax deductions...
6 days ago

SA taxpayers gain new flexibility amid SARS revenue shortfall

South African taxpayers now have a unique opportunity to better manage their tax obligations as SARS faces a R22,3 billion revenue shortfall. Learn how this impacts both individuals and businesses, according to tax expert Kabelo Moutloaste from Latita Africa. This shortfall highlights the deep financial struggles affecting both individuals and businesses across the country, says...
15 Feb 2024

What a tax-free investment should ideally be used for in a financial plan, and what not

By: Pierre Jean Marais, Retail Marketing at Momentum Wealth As financial planners and wealth managers, our goal is to craft effective strategies tailored to people’s unique needs. Tax-free investments (TFIs) offer valuable opportunities to address key financial planning objectives, including retirement planning and setting future generations up for financial independence. Let’s explore the most appropriate...
25 Jan 2024

Exchange Control and Tax Residency in South Africa

By: Lovemore Ndlovu, Head of SARB Engagement and Expatriate Compliance at Tax Consulting SA The South African Reserve Bank (SARB), in collaboration with various financial institutions, maintains a comprehensive record of the residency status of all South African banking customers. This practice is integral to their financial surveillance and regulatory compliance efforts, particularly considering South...
05 Oct 2023

Unforeseen tax debt arising from crypto trading – how did we get here?

By Jashwin Baijoo, Head of Strategic Engagement and Crypto Asset Compliance and Kiara Naidoo, Tax Attorney, Tax Consulting SA Landing in a position of indebtedness to SARS can be quite a stressful journey on its own; forgetting to leave room for crypto profits or gain, the destination becomes all the more daunting.  What classifies as...
20 Sep 2023

7 things you need to know about draft tax law amendments

By: Jashwin Baijoo, Head of Strategic Engagement and Compliance at Tax Consulting SA On 31 July 2023, National Treasury released their annual draft tax law amendments for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented, ie. the Beneficial Ownership Registers....
20 Jan 2023

How to do tax-free saving right in 2023

The first thing every financial adviser should do is to make sure clients are taking advantage of tax-free saving investment portfolios.
22 Jul 2022

What South African expatriates need to know about tax before they return home

Martin Bezuidenhout, Expat Tax Attorney at Tax Consulting SA, breaks down what South African expatriates need to know about tax before they return home, including a roadmap of how to navigate expatriate tax, emigration and financial reintegration.
17 Jun 2022

Tax implications of working remotely in South Africa for a foreign company

South Africa uses a residence-based tax system, which means that South African tax residents will be taxed on worldwide income (including all South African sourced income).
26 May 2022

The tax implications for victims of crypto fraud

The South African Revenue Service (SARS clearly stipulates that all South African residents that own crypto must disclose their crypto holdings to SARS, irrespective if whether you made a profit or a loss.