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The cost of dying and when you have to pay it

Although most people realise that there are costs when someone passes away, they don’t necessarily understand what these costs are, when and how they need to be paid, and how much they will amount to. Sarah Love, a fiduciary practitioner at Private Client Trust, a division of Private Client Holdings, unpacks and explains these costs….

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Travel Allowances

COVID-19 has far-reaching effects for the South African taxpayer and, unbeknown to many, may be silently increasing their tax liability for the 2022 year of assessment. In some cases, the purpose for granting a travel allowance to employees (and the same applies to company vehicles) has been subverted by the pandemic, where business travel may…

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Hosting A Paying Guest Is More Taxing Than You Thought – SARS

SARS recently warned owners of South African properties who host fee-paying guests that “the rental income they receive must be declared in their income tax return”. While Airbnb, for example, is very well regulated and requires tax-related declarations annually before any payments are made to the hosts, the informal sector is, of course, unregulated. Some…

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Sars Tax Compliance: The Cross-Pollination

Having a tax debt with the South African Revenue Service (Sars) can hang like a cloud over your head, raining on all aspects of your life, and possibly livelihood for small business owners across the country. A non-compliant status with Sars can intersect into various aspects of your life, and more so if Sars has…

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SARS warns about fraudsters promising refund

PRETORIA – The South African Revenue Service on Monday warned taxpayers to be wary of people posing as tax practitioners or experts and promising to help them secure refunds from the agency. “Businesses and other organisations must also beware of third parties such as unknown payroll companies who offer to assist them with their PAYE…

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What is the best way to spend my tax refund?

Putting it into an RA, settling debt, investing in a tax-free unit trust, or using it as a deposit for a money market account? Each year I receive a Sars refund, primarily driven by retirement annuity (RA) contributions and other items that I can claim based on my line of work. For illustrative purposes, let’s…

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Shifting the Goalposts for South African Abroad

Government Holding on to South Africans’ Retirement Funds National Treasury published the Draft Tax Law Amendment Bill (“TLAB”) on 31 July 2020, with its accompanying Explanatory Memorandum. One proposed amendment that has stood out is the disallowance of South Africans who have exited South Africa’s tax base from withdrawing their retirement funds from South Africa until…

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