In general, a ‘resident’, as defined in s1 of the Income Tax Act (Act), is taxed on his worldwide income, irrespective of where the income is earned. On the other hand, non-residents are only taxed on income from a South…
Are you a non-resident that needs to file a South African income tax return? We can assist you with all your South African tax requirements whether you are an individual or a corporate or foreign investor with a branch in South…
Recently I was contacted by a South African from the UK to assist him in filing a tax emigration application. On requiring if any income tax returns were outstanding he replied “yes”. He left South Africa in August 2008…
Income Tax: Notice to Furnish Returns for the 2011 Year of Assessment 1. Notice is hereby given in terms of section 66(1) of the Income Tax Act, 1962 (Act No. 58 of 1962) (“the Act”), that every person who…
I would like to share a contribution I have made to the Car Insurance Blog earlier today! The Car Insurance Blog is a Blog developed with the intention to create awareness of why it is important to ensure your car –…
The question is asked: “Why do more and more foreigners wishing to sell their South African property contact a tax consultant, before contacting an estate agent?” The answer to this question is that they want to know how much…
Tax Clearance Certificates – Foreign Investments by South Africans 1) Foreign Capital Allowance a) Individuals, older than 18 years, in good standing with SARS, may invest R2 Million (previously R750 000) abroad during their lifetime. b) Income accruing thereon…
Why use a “non-resident” consultant? The South African Reserve Bank has stringent exchange control regulations relating to the purchase by non-residents of property in South Africa. The “non-resident” consultant can assist the international purchaser in smoothing the financial process at…
An allowance is available in respect of new commercial buildings or improvements to existing buildings. The allowance is equal to 5% of the cost to the taxpayer of any new and unused building owned by the taxpayer if that…
More information on tax issues facing South African sellers of property, whilst intent on emigrating, has been included in a contribution to Real estate web, titled “Beware: Tax nasty linked to emigrating seller” Request a call back For a live…