TAX IMPLICATIONS ON TAX FREE TRANSFERS

Tax-free savings accounts (TFSAs) were introduced in 2015 to encourage individual’s resident in SA to save more. The growth and income received on a TFSA investment are tax free. This means you are not liable for any capital gains tax or tax on the dividends and...

TAX CLEARANCE PROCESS AMENDMENT

On 24 April 2023, the South African Revenue Service (SARS) implemented system changes to align the tax clearance processes applicable to the foreign investment and emigration allowances. Part of these changes includes adjusting the definition of what it means to be...

Income Tax Returns: Am I liable to file?

Paying income tax and filing a tax return is something you need to start worrying about when you earn more than the tax threshold – the income level from which tax applies. The tax threshold is set for each tax year and announced in the Finance Minister’s Budget. If...

TAX UPDATES

Renewable tax breaks for businesses – Summarized From 1 March 2023, business will be able to reduce their taxable income by 125% of the cost of an investment in renewables. The adjustment incentive will only be available for investments brought into use for the first...