September 2025 | Galbraith Rushby

Foreign Pension Update

Uncategorised / By Jeneen Galbraith / 28 September 2025 / foreign pensions, pension funds, retirement, SARS, tax advice

The workshop centred on the proposed repeal of the foreign pension exemption in section 10(1)(gC)(ii) of the Income Tax Act. This exemption currently allows South African residents to receive certain foreign pensions tax-free. Our sense is that Treasury may move toward a compromise model similar to section 10(1)(0), which introduced a R1.25m tax-free exemption threshold and taxation only above that level. This would protect retirees with modest pensions but still capture tax on larger foreign pensions.

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Estate Planning: Why it matters and how to do it right

Uncategorised / By Prelene Neerputh / 9 September 2025 / beneficiaries, estate planning, intestate, living wills, succession, tax advice, valid will, wills

Estate planning is one of the most important steps you can take to protect your family’s financial future. Without a proper plan in place, your loved ones could face unnecessary stress, disputes, or financial hardship after your death.

Good estate planning goes beyond simply drafting a will. It requires specialised legal and financial guidance to make sure your assets are identified, protected, and distributed according to your wishes – and in a way that is both tax-efficient and legally sound.

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The role of an executor: Protecting your estate and your heirs

Uncategorised / By Prelene Neerputh / 9 September 2025 / beneficiaries, estate planning, family, legal advice, trusts, wills

Appointing the right executor to administer your estate is one of the most important decisions you will make in planning for the future. An executor acts in your place once you are gone, ensuring that debts are settled, assets are safeguarded and your estate is distributed according to your will and the law.

Choosing wisely can mean the difference between a smooth, respectful process for your loved ones and a drawn-out, stressful experience.

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Living Wills vs Last Wills: What you need to know

Uncategorised / By Prelene Neerputh / 9 September 2025 / beneficiaries, estate planning, family, Finance, heirs, professional advice, wills

A last will and testament serves as a vital estate-planning instrument that outlines our desires following our passing. This document is crucial for individuals possessing assets or wealth. Conversely, for those facing a significant illness, a living will is invaluable as it records our preferences regarding medical treatment during our lifetime. While a last will and testament addresses the distribution of our assets after death, a living will is distinct in that it communicates our medical care preferences while we are alive but unable to express them directly.

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Letter to SARS: Comment on Draft Taxation Laws Amendment Bill, 2025

Uncategorised / By Jeneen Galbraith / 8 September 2025 / foreign pensions, legislation, pensionsers, SARS, Tax

Dear Sir / Madam, Comment on Draft Taxation Laws Amendment Bill, 2025 – Removal of Foreign Retirement Fund Exemption (s10(1)(gC)(ii)) Introduction We thank SARS and National Treasury for the opportunity to comment on the proposed repeal of section 10(1)(gC)(ii) of the Income Tax Act No 58 of 1962 “ITA”, dealing with lump sums and annuities

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