SARS
Taxpayers are required to declare their worldwide foreign income sourced from a foreign employer while working in South Africa and/or abroad, and, to facilitate this, SARS has included three new fields for foreign earners.
If you are employed but have been working from home during the tax year of assessment, you may be able to claim for certain running costs, although this area of tax can be tricky to navigate. Firstly, it is important
Besides the financial and legal acumen required by your executor, bear in mind that the role necessitates strong secretarial and administrative skills from start to finish, and it’s important to make sure that the person you nominate has not only
Approved retirement funds include occupation funds offered as a result of one’s employment, being provident and pension funds, and retirement annuity funds which are taken out in one’s individual capacity. Simply speaking, contributions made to any of these funds are
While trustees are able to outsource the accounting functions of the trust, keep in mind that they remain responsible for the management of the trust assets. This includes keeping separate records of the trust assets, preparing annual financial statements, investing
If a couple is married in community of property, both spouses remain jointly and severally liable for all the debt in estate, including any debt that was incurred before the date of marriage. Upon the death of the first-dying spouse,
n terms of the Income Tax Act, donations made to or for the benefit of a spouse married with an ante-nuptial or post-nuptial contract are exempt from donations tax. Where a spouse married in community of property donates property which
The maximum amount that an executor can charge is 3.5% of the gross value of the assets in the estate, plus VAT at 15%. In addition to this, your executor is entitled to charge 6% on all income collected on
A trust can also be used effectively to provide financially for children with severe mental or physical disabilities and who, as a result of their disability, are unable to manage their own affairs. In a situation where a child has
Before setting up the trust, you will need to consider whether it should take the form of a testamentary or living trust. A living, or inter vivos, trust is set up during your lifetime using a trust deed as the
