Michael Rushby, Author at Galbraith Rushby

Draft Tax Bill 2025: Key changes impacting Individuals, Companies and Trusts

Uncategorised / By Michael Rushby / 22 August 2025 / company tax, compliance, education, Finance, foreign pensions, foreign retirement funds, hedge funds, individual tax, maintenance, pension funds, retirement funds, SARS, shares, Tax, tax advice, VAT

On 16 August 2025, National Treasury and SARS released the Draft Taxation Laws Amendment Bill (TLAB), 2025, together with the accompanying Explanatory Memorandum. The proposals are open for public comment until 12 September 2025, after which a revised Bill will be tabled in Parliament. The draft bill contains a number of significant proposals aimed at tightening loopholes, […]

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Understanding Medical and Disability Deductions

Uncategorised / By Michael Rushby / 30 June 2025 / claims, disability deductions, medical deductions, medical expenses, medical schemes, medical tax relief, SARS, tax act, tax advice

Medical expenses can be a significant part of a household’s budget, particularly for families with chronic illnesses or disabilities. The South African Income Tax Act provides relief in the form of medical scheme fees tax credits and additional tax deductions for qualifying out-of-pocket expenses. This article unpacks how these medical deductions work, what qualifies as

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Working offshore or abroad? Here’s how to qualify for a tax exemption

Uncategorised / By Michael Rushby / 30 June 2025

If you’re a South African tax resident working outside the country — whether on a ship, in a specialised role abroad, or on secondment for your employer — you might qualify for a tax exemption on your foreign income. South Africa’s Income Tax Act includes several provisions that provide relief from tax on income earned

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An overview of the 2025/26 Budget: Navigating Fiscal Challenges Amidst Political Dynamics

Leave a Comment / Uncategorised / By Michael Rushby / 13 March 2025 / budget speech 2025, carbon tax, companies, company tax, foreign exchange, individual tax, pensions, Tax, tax advice, VAT

South Africa’s 2025/26 budget, presented by Finance Minister Enoch Godongwana on March 12, 2025, comes at a pivotal time for the nation. The budget’s unveiling was notably delayed due to internal disagreements within the coalition government, particularly concerning a proposed increase in the Value-Added Tax (VAT). It was a bit like watching a movie and

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Foreign Pensions and South African Tax: Understanding the Current Landscape

Leave a Comment / Uncategorised / By Michael Rushby / 12 March 2025 / budget speech 2025, foreign pensions, news flash, pensions, retirement annuities, south african law, tax payers, tax residents, tax saving strategies

The 2025 Budget Speech confirmed the government’s intention to amend the cross-border tax treatment of retirement funds.

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Making the most of your Retirement Annuity

Leave a Comment / Uncategorised / By Michael Rushby / 31 January 2025 / expenditure, income, RAs, retirement annuities, returns, savings, Tax, tax planning, taxpayers

Retirement Annuities (RAs) remain one of the most effective tools for South Africans looking to save for the future while enjoying significant tax advantages. Beyond building long-term wealth, RA’s offer a range of tax benefits that can make a substantial difference in your financial planning. For companies with a February 2025 year-end, February is the final

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Salary vs Dividends: When should companies allocate payments to shareholders?

Leave a Comment / Uncategorised / By Michael Rushby / 31 January 2025 / dividends, earnings, income, liability, salaries, shareholders, Tax

For companies deciding how to allocate payments to shareholders, understanding the tax implications of salary versus dividends is essential. Each option has unique advantages and tax consequences that can significantly affect both the company and the individual shareholder. This is particularly important in February 2025, the final month of the 2024-2025 payroll cycle. 1. Salary:

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Tax planning for February 2025: optimising expenditure

Leave a Comment / Uncategorised / By Michael Rushby / 31 January 2025 / compliance, deductions, expenses, Finance, financial year end, SARS, Tax, tax advice

As the end of the financial year approaches for companies with a February 2025 year-end, it is crucial to plan strategically to minimise taxable profits. One effective way to achieve this is by reviewing and incurring qualifying expenses before the year closes. Proper tax planning can help reduce the company’s tax liability and ensure compliance

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Unlock tax benefits while giving back: how section 18a donations can work for you

Leave a Comment / Uncategorised / By Michael Rushby / 31 January 2025 / company tax, compliance, donations, Finance, financial year end, Tax, tax advice, Tax Season

Taxpayers looking to make a difference in their communities while optimising their tax positions can do so through donations to Section 18A (s18A) charities. These donations not only support crucial public benefit initiatives but also offer valuable tax deductions. Under Section 18A of the Income Tax Act, individuals and businesses can make tax-deductible contributions to

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SARS issues stern warning on crypto asset reporting

Leave a Comment / Uncategorised / By Michael Rushby / 19 November 2024 / assets, audit, capital gains tax, crypto, crypto assets, galbraith rushby, liabilities, SARS, Tax, tax advice, taxpayers

The South African Revenue Service (SARS) has issued a strong warning to all taxpayers holding digital currencies, underscoring that failing to declare crypto assets on tax returns will not be tolerated.

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Michael Rushby