Jeneen Galbraith

Qualified as a Chartered Accountant in 1996 with PWC and a Chartered Management Accountant, Professional Accountant and Registered Auditor. Jeneen has worked in London and was a senior financial analyst for GlaxoSmithKline before moving into public practice.

A school reunion, a business sale and an unexpected tax lesson

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After years spent building a business, the last thing you want is to discover the tax consequences when the sale agreement is already on the table. Selling shares, selling the underlying assets or taking the proceeds as a distribution may lead to very different tax outcomes. And for qualifying small business owners, there are valuable CGT concessions that are easily overlooked.

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Foreign Pension Update

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

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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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Why “bona fide” employee bursaries still beat a cash raise

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Section 10(1)(q) of the Income Tax Act lets employers fund staff education (or their children’s/relatives) without triggering PAYE, while still claiming a normal business deduction. Get the paperwork wrong, though, and the “bursary” becomes a taxable fringe benefit. Similar deductions are claimable under Section 10(1)(qA) for disabled employees. Its worth pointing out that this deduction is not limited to employees but to any person, providing the rules are followed.

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Practical applications of the new VAT increase from 15% to 15.5%

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The recent increase in VAT by 0.5% has significant implications for businesses and individuals, particularly for ongoing transactions that have not yet been completed. Understanding the “time of supply” is crucial, as it determines when VAT liability is triggered. The time of supply is the earlier of the invoice or the receipt of the payment. 

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Thinking of saying goodbye to South African tax residency? Here’s what you need to know.

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If you’re planning to officially cease your tax residency in South Africa, there are several key steps and requirements you’ll need to navigate. As more South Africans take their financial plans abroad, understanding SARS’s recent updates on tax residency is essential. 

Thinking of saying goodbye to South African tax residency? Here’s what you need to know. Read More »

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