Deduction of home office expenses

If an employee works from home and has set aside a room to be occupied for the purpose of “trade”, e.g. employment, they may be allowed to deduct certain home office expenses for tax purposes calculated on a pro-rata basis – provided that they meet the requirements as set out in the Income Tax Act […]

Withdrawing retirement funds upon emigration

  Background Financial emigration is the process by which South African residents formalise their non-resident status for exchange control purposes. During the 2020 Budget Speech, it was announced that financial emigration would be phased out with effect from 1 March 2021. The phasing out of financial emigration is not just important for exchange control purposes […]

What you need to know about the anti-dividend stripping rules

There are various ways for a shareholder to exit a company and one of the most important factors is usually the tax payable upon exit. It is therefore not surprising that taxpayers are constantly seeking to find tax friendly ways to exit a company. Corporate shareholders have, however, avoided income tax or capital gains tax […]