Tax breaks for retirement funding
While there are very few tax breaks for individuals, there are tax breaks available for retirement funding. Retirement tax breaks in South Africa are designed to incentivise individuals to save for retirement and provide them with tax relief on contributions to retirement funds. The government has implemented these various tax incentives over the years to […]
Why you need to beware of withholding taxes when emigrating
Many South Africans who simultaneously emigrate and cease to be South African tax residents are faced with a situation where the sale of a fixed property has not been finalised by the time they cease to be tax residents. This may result in the unintended consequence of them becoming a non-resident seller of immovable property in South Africa. In terms […]
Have you ever done your estate planning?
If you have never planned your estate, perhaps now is a good time to consider it. This will be to everyone’s benefit, as there are often hidden costs which come into effect at the time of passing, that are not taken into account when you plan your estate and inheritance. These expenses include the following: […]
Usufruct and Capital Gains Tax
What is a usufruct? “A usufruct provides to the usufructuary a right of use of property or assets, lifelong or for a specific period, but the usufructuary does not acquire ownership of the relevant property or assets.” Usufruct is often applied as part of estate planning in order to save on Estate duty, as the […]
Capital gains tax and the sale of a property
Capital Gains Tax was introduced on 1 October 2001. Capital Gains Tax is payable on the profit a seller makes when disposing of his property. What is meant by Capital Gain? A person’s capital gain on an asset disposed of is the amount by which the proceeds exceed the base cost of that asset. What […]