Davey’s Locker

The Tax, Shock, Horror Newsletter by Tony Davey

Emigration and retirement fund access

In my previous article ‘Foreign employment income amendments’ (192 tsh 2019), I focused on the tax tests allowing one to achieve nonresident status. The further issue arises of the ability of an emigrant to access his or her retirement funds, and the tax treatment of...

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Foreign employment income amendments

Myths abound ‘Financial emigration’ Amidst the panic created by the amendments to s 10(l)(o)(ii) of the Income Tax Act, which, with effect as from 1 March 2020, will subject to tax in the RSA foreign employment income in excess of R1 million earned by RSA taxpayers...

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Section 7C revisited

Dynamic tax environment can create opportunities Sometimes amendments to the tax legislation, albeit unwittingly, can have favourable results for a taxpayer. As the saying by the inventor, Alexander Graham Bell, goes, ‘when one door closes, another opens’. An example...

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Late objections and appeals

Issue 5 of Interpretation Note 15 On 21 December 2018, SARS issued an updated Interpretation Note 15 (Issue 5). This pertains to the exercise of a senior SARS official’s discretion to condone a late objection or appeal. The legal principles underlying the relevant...

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Donations tax conundrums

Festive gifts It’s the festive season and ’tis the season for giving. Maybe it is coincidental that the topic of donations to political parties, high-profile persons and others features prominently in the press. Donations tax is levied by s 54 of the Income Tax Act,...

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Retirement Tax Fund

Provident fund annuitization I canvassed the harmonization of all retirement funds (pension, provident and retirement annuity funds) in 153 TSH 2015. In essence, as from 1 March 2016, contributions to such funds are treated similarly for tax purposes. Thus provident...

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Foreign trusts and CFCs

Proposed amendments in the draft bill The controlled-foreign-company rules, which deem the taxable income of a foreign company to be that of its RSA resident individual shareholders, notwithstanding the non-declaration of a dividend, have to date been easily...

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Natural Persons

Ordinarily resident status SARS interpretation note SARS has on 20 June 2018 reissued Interpretation Note 3 (Issue 2) (see 183 TSH 2018), setting out its interpretation of the expression ‘ordinarily resident’, appearing in the definition of ‘resident’ in s 1(1) of the...

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