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 to receive certain foreign pensions tax-free. What Was Discussed Economic & behavioral impact: Loss of policy […]
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
Estate Planning: Why it matters and how to do it right Read More »
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,
Draft Tax Bill 2025: Key changes impacting Individuals, Companies and Trusts Read More »
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
Understanding Medical and Disability Deductions Read More »
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.
Practical applications of the new VAT increase from 15% to 15.5% Read More »
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
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
Tax planning for February 2025: optimising expenditure Read More »
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
Unlock tax benefits while giving back: how section 18a donations can work for you Read More »
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.
SARS issues stern warning on crypto asset reporting Read More »
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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