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One good turn: Donations made at fundraising events gets the thumbs up from SARS

09 March 2020 | Tax

The upside of charitable giving for a taxpayer is usually a corresponding deduction for tax purposes. A taxpayer can show a receipt for a donation made to a public benefit organisation (“PBO”) in terms of section 18A of the Income Tax Act. But what happens when an amount paid to a PBO is partly a donation and partly for taking part in fundraising activities?

Companies are gearing up for the tax change on foreign income

09 March 2020 | Tax

Companies have been adjusting the remuneration packages of their employees who are working abroad and who will be affected by the change in tax legislation that became effective on 1 March 2020.

New exchange control and SARS procedures for emigrants

27 February 2020 | Tax

Due to the change to the foreign employment exemption coming into effect on 1 March 2020, there has been a spurt of expats approaching both the South African Revenue Service (SARS) and the South African Reserve Bank (SARB) to formalise their permanent exit from South Africa, in order to not have to pay tax in South Africa on their foreign employment income.

Have you made the most of tax-free investment contributions ahead of the February deadline?

18 February 2020 | Tax

Finance Minister Tito Mboweni’s budget speech is fast-approaching and so is the scheduled review of South Africa’s credit rating by Moody’s Investor Services. This is an important time for the country and taxpayers alike who are eagerly awaiting their financial fate.

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Are financial advisers ready for the combined impact of COFI and AI?

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