Don’t Lose That Tax Loss!
Sustaining losses on certain activities, blissfully assuming that SARS will chip in at year-end? Make sure that this loss is not ‘lost’ forever. Many people have invested in second properties based on the knowledge that, for the first few years at least, they would have to fund the shortfall until such time as the rents […]
From Departure to Encashment
How the two-pot retirement system impacts expats The much-anticipated two-pot retirement system, introduced as a ‘knight in shining armour’ for South Africans, has received a new implementation date of March 2024. Expats are cautioned to pay attention to the effects that this will have on the encashment of their retirement savings. While many have addressed […]
General Principles for Tax Deductions
When can you deduct an expense? Section 11(a) contains the general principles One of the most-asked tax questions goes along the lines of “can I deduct xxx against my income?” There are two ways to answer this type of question. One is to create a never-ending list of every type of deduction one could contemplate, […]
Beware of Tax-Related Scams
Over the past five years, the SAFPS has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes to processing tax returns, and to encourage individuals and businesses to file their tax returns timeously, SARS launched its eFiling service in 2000. This allows taxpayers to file their […]