The new SARS solar energy tax credit
The tax credit for individuals installing solar panels is here, for a limited time only. The proposed new law regarding the tax credit available to individuals who install solar panels has been announced. The system will be introduced in the form of a tax credit, as opposed to a tax deduction. This is good news, […]
Tax certificate uploads: How to avoid SARS issues
Check, check, and check again… THE SARS e-filing system has come a long way from its humble beginnings, and it is clear that the tax office is moving ever-closer to a situation whereby the majority of taxpayers will no longer be required to submit a return each year-employers, investment funds, and medical schemes will simply […]
IRP5 not uploaded? Expect significant delays
When an employer’s failure to upload an IRP5 brings SARS to a grinding halt. One of my clients has recently retired—and like all retirees, they went through the whole rigmarole of completing the numerous forms required by their employer retirement fund so that the fund can calculate their lump sum entitlement and monthly pension. Now […]
Submit your return on time, or face penalties
Non-residents and earners of foreign income are also receiving extra attention this year The tax season for the 2022 tax year has just started, and it will be one of the shortest to date. The period to submit tax returns opened on 1 July 2022 and runs to 24 October 2022 for individual taxpayers who […]
Your retirement ‘gift’ to SARS
Tax payable on your retirement lump sum In last month’s issue of Tax Breaks, we dealt with the tax treatment of retirement lump sums when one resigns or is dismissed (prior to reaching normal retirement age). However, when you actually retire from a retirement fund, the rules are a bit different – and SARS gives […]
Retirement saved from controversial tax proposal
When an individual ceases to be a South African tax resident prior to retirement from a South African retirement fund and becomes tax resident of another country, that individual’s interest in a retirement fund may, on payment of a lump sum or monthly pension, be subject to tax in the other country. The application of […]
Budget 2021: Individuals and savings
Finance Minister Tito Mboweni delivered his third annual budget address on 24 February 2021. Below we highlight some of the significant proposals, which will likely be contained in the Draft Taxation Laws Amendment Bill to be published for public comment in June or July 2021. Applying tax on withdrawals of retirement interest when an individual ceases to be a tax […]