Tax Talk
Welcome to Tax Talk – your go-to space for insights, updates and expert commentary penned by our team. Here you’ll find articles on everything from the latest SARS regulations to smart compliance tips and tax-saving strategies.
Foreign Pension Update
Workshop: National Treasury and SARS Workshop on Foreign PensionsAttendee: Jeneen Galbraith Proposed Removal of Foreign Pension Exemption 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
Estate Planning: Why it matters and how to do it right
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
The role of an executor: Protecting your estate and your heirs
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
Living Wills vs Last Wills: What you need to know
Thinking about illness or incapacity is uncomfortable, but planning for it can spare your loved ones painful decisions later. While most people are familiar with a last will and testament, fewer understand the role of a living will – also
Letter to SARS: Comment on Draft Taxation Laws Amendment Bill, 2025
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
Beneficiaries and their inheritance
When a person passes away, their assets – whether movable (like money or cars) or immovable (such as property) – are distributed to the beneficiaries named in their valid will (testate succession). Sometimes, the will specifies that assets must be
Draft Tax Bill 2025: Key changes impacting Individuals, Companies and Trusts
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
Understanding Medical and Disability Deductions
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
Why “bona fide” employee bursaries still beat a cash raise
(and how to make yours bullet‑proof) 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
COIDA Return of Earnings deadline extended
The filing season for 1 March 2024 to 28 February 2025 is now open, and the COIDA submission deadline has been extended to 31 July 2025. Submissions made after this date will incur a 10% penalty for late submissions. So,
Working offshore or abroad? Here’s how to qualify for a tax exemption
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
Practical applications of the new VAT increase from 15% to 15.5%
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
An overview of the 2025/26 Budget: Navigating Fiscal Challenges Amidst Political Dynamics
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
Foreign Pensions and South African Tax: Understanding the Current Landscape
The 2025 Budget Speech confirmed the government’s intention to amend the cross-border tax treatment of retirement funds.
Making the most of your Retirement Annuity
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
Salary vs Dividends: When should companies allocate payments to shareholders?
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
Tax planning for February 2025: optimising expenditure
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
Unlock tax benefits while giving back: how section 18a donations can work for you
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
Understanding Beneficial Ownership: Key insights for compliance
With the introduction of new requirements by the Companies and Intellectual Property Commission (CIPC), companies must ensure they accurately disclose information on beneficial owners to remain compliant.
SARS issues stern warning on crypto asset reporting
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.
Thinking of saying goodbye to South African tax residency? Here’s what you need to know.
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.
Galbraith Rushby warns clients of latest phishing scams this tax season
With tax season in full swing, Galbraith Rushby is urging clients to stay vigilant against a surge in sophisticated email and SMS phishing scams targeting taxpayers. These scams are increasingly convincing, mimicking legitimate communications from the South African Revenue Service
SARS leverages AI enhancements for the 2024 tax filing season
The 2024 tax filing season is upon us, and the South African Revenue Service (SARS) is leveraging advanced AI technologies to streamline the tax filing process. These advancements aim to enhance effectiveness, precision, and the overall user experience for taxpayers.
Splurging big while reporting small?
SARS intensifies lifestyle audits to combat tax evasion Ahead of Tax Season 2024, the South African Revenue Service (SARS) has stepped up its use of lifestyle audits to identify discrepancies between individuals’ reported income and their actual lifestyle. This move