Signing a will is not the end of estate planning. It is the starting point. It may be worth taking a closer look at the bigger picture – your assets, liabilities, family circumstances, business interests, trusts, tax exposure and, importantly, the liquidity your estate will need when the time comes.
Your will is only part of the plan Read More »
From freelance work after hours and selling products online to driving for an app, renting out a room or earning money from social media, side hustles have become a useful way to bring in some extra income.
But there’s one extra partner you may not have factored into your venture: SARS.
Making money on the side? Don’t sideline the tax Read More »
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.
A school reunion, a business sale and an unexpected tax lesson Read More »
For years, many businesses treated PAIA as a once-off admin task. Prepare a manual. Put it in a folder. Maybe upload it to the website. Forget about it.
That approach is becoming risky.
The Information Regulator is placing renewed focus on PAIA compliance, and the message is clear: businesses must be able to show that they have more than a template document. They need a working process.
PAIA Compliance: The “Forgotten” Law Is Getting Teeth Read More »
South African employers should take note of the renewed focus by Government on the employment of foreign nationals, particularly in circumstances where employees may not have valid documentation authorising them to work in South Africa. Although certain proposed penalties and quota rules are not yet final law, employers should not wait for the legislation to be enacted before reviewing their compliance position. Existing immigration legislation already places clear obligations on employers who employ foreign nationals.
Employment of Foreign Nationals: Increased compliance risk for South African employers Read More »
Debt is one of the most unfortunate aspects of life that everyone ultimately deals with. Where normal consumer debt generally prescribes after three years, tax is somewhat different. For one, should you be sequestrated, the South African Revenue Service (“SARS”) is a preferential creditor and will be paid before many other debts are settled. But what is the legal timeline SARS has to pursue you for the recovery of outstanding tax debt?
Prescription Rules: When does tax debt expire? Read More »
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.
Foreign Pension Update Read More »
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.
Estate Planning: Why it matters and how to do it right Read More »
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.
The role of an executor: Protecting your estate and your heirs Read More »
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.
Living Wills vs Last Wills: What you need to know Read More »
