Income tax might be one of the most inexplicable, uncontrollable aspects of modern day life, which might also be one of the main reasons why we as individuals have a hard time to accept it and to fit tax compliance into our schedules. Join us as we navigate through some of the main aspects that continue to baffle the individual taxpayer in 2021.
In this session we will look at the difficulties, and sometimes unanswered questions, that individual taxpayers experienced during 2021, including:
The shift in the emigration process, and how this is currently impacting on retirement lump sums:
- How does SARS currently facilitate TCS pins for emigration?
- The role of the fund administrator and the responsibility of the individual.
- Will individuals be taxed on their lump sums upon emigration – even if they don’t have access to withdraw it yet?
- What about the rest of the exchange control rules – do they still apply?
When to claim home office expenses:
- Is the individual allowed to do so? Did the requirements change during Covid-19?
- The cost (or simply administration) vs benefit of claiming home office expenses.
- The possible aftershock on capital gains tax that doesn’t come with a choice.
Declaring your crypto asset transactions:
- Is it a capital asset or not? When will there be a “taxable event”?
- What information will support the individual’s tax position, and how will SARS gain access to information on these transactions?
Claiming deductions from a travel allowance or employer provided vehicle:
- When may these expenses be claimed and when are they prohibited?
- Information required by SARS to substantiate the deduction.
- The responsibility of the employer.
- The foreign employment income exemption and the impact of the travel ban.
Declaration of income
- Investment income from rentals – non-compliance consequences.
- Declaring income from assets falling within, or outside, a communal estate.
- Do individuals still need to submit tax returns even though they were unemployed?
- Is it worth it for the individual?
- What other avenues are available to resolve issues with SARS?
For further info please contact us: [email protected] or 011 304 1820