When does an heir have a right to their inheritance
When you loved one passes away and you have been bequeathed an asset in their will that does not mean you automatically become the owner of the inherited asset or have a right to the inherited asset on date of their death. Section 35(12) of the Administration of Estates Act 66 of 1965 states […]
An alternative method of placing non-tax residency on record
Up to recently you could declare your non-tax residency in your tax return (submitted via eFiling) or by requesting a certificate of residence from the South African Revenue Service (“SARS”) by completing a specific form (RAV01). In both instances, the person must be registered for income tax purposes with SARS. In light of the above, […]
SARS and my tax residency status when I now live outside South Africa
I left South Africa (“SA”) after school to study abroad. I accepted a job offer in the United Kingdom (“UK”), where I was studying, after my graduation. I have been living outside SA ever since. I recently married a UK resident and plan to stay in the UK permanently, and only return to SA on […]
Tax call to action: Make sure
With reference to BusinessTech’s article dated 9 July 2021, the South African Revenue Service (“SARS”) has sent letters to 275 high net-worth individuals (“HNWIs”) with financial assets abroad. We have recently published a blog post alerting our clients to the newly established HNWI unit by SARS and forewarning of the said letters. Click here […]
Is poor tax compliance akin to culpable homicide?
by Suzanne Smit, Fiduciary and Tax Consultant New tax laws recently removed the term “wilful” in order to include both intentional and negligent conduct within the ambit of the criminal offences As part of its efforts to tighten enforcement, the South African Revenue Service (“SARS”) has tightened the law for non-compliance. Wilful intent is […]