Double-Edged Sword
The SA Revenue Service (SARS) intends to change the way it calculates the effective tax rates of people who receive income from more than one source, one of those being a retirement fund. This will be introduced as from 1 March 2022. The aim is to prevent these taxpayers from accumulating large tax debts when […]
Things To Consider When Preparing For Your 2022 Tax Returns
The deadline to submit your annual income tax returns has passed. Whether you missed this deadline, or you were a bit unprepared for your last submission, it is a good time to start planning for the 1 March 2021 to 28 February 2022 tax year. Not only will you be prepared when time comes to […]
The Christmas Compromise – Start The New Year On A Clean Slate
With the year fast drawing to a close, and in light of the tax return submission deadline being so graciously extended by the South African Revenue Service (“SARS”), many taxpayers are now stuck between a rock and a hard place, either pay SARS and face the frosty wrath of your loved ones when there is […]
SARS’ New Letters of Non-Residency – Hidden Teeth
The South African Revenue Service (SARS) has recently started issuing letters to taxpayers working abroad, confirming their change in status to non-residents for tax purposes. This is a somewhat peculiar development for expatriates who have previously ceased their tax residency, as they are now requiring an additional step to objectively support their non-residency as issued […]
DTA Misconceptions That Expats Must Know About
With 2022 around the corner, South Africans working abroad should start preparing themselves for the new year. While difficult to steer clear of misinformation on social medias, these common misconceptions about Double Taxation Agreements (“DTAs”) could help you to spot the snake in the grass.