Don’t dare mess with the tax ecosystem!
We’ve entered an era where disclosure of foreign income to the taxman, is trending. In 1776, Adam Smith a Scottish philosopher and economist, wrote An Inquiry into the Nature and Causes of the Wealth of Nations and stated that, “There is no art which one government sooner learns of another than that of draining money from the pockets of the people.” Over the past decade we’ve witnessed radical changes in tax legislation around the world, spearheaded by tax policy reforms and continued efforts to fight against international tax avoidance and evasion, orchestrated by the Organisation for Economic Co-operation and Development (OECD). Gone are the days where you could secretly move part of your savings or business profits into a cross-border account or tax-haven investment and not report it in your tax return. So, what are the implications of earning income offshore?
SARS’ lifestyle audits dig deep to find hidden assets
SARS has the power to gather information to ensure that taxpayers have complied with their fiscal obligations. Besides, SARS may require taxpayers to submit documentation in substantiation of the tax returns submitted or may conduct detailed audits on a taxpayer’s affairs by physically inspecting the taxpayer’s premises and carrying out an audit on site.
2018 SARS tax deadline is looming!
By now your personal tax filing is done and dusted and you have already received your refund from SARS. Right? We know that this best-case scenario may not necessarily be applicable to you for the following three reasons...
Minimise tax money through deductions
Tax legislation provides for an individual taxpayer to claim certain expenses incurred during a year of assessment against the income received. However, the type of expenses you can claim is dependent on the type of income you received.
South African Crypto Tax in a Nutshell
While crypto trading and mining are prohibited in many countries, digital currency seems to be just taking off in South Africa. President Cyril Ramaphosa announced his support of the idea of a single currency for the African Union earlier this year. He suggested a single currency that may be digital-only.