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A Tax-Free Savings Account (TFSA) in South Africa
A Tax-Free Savings Account (TFSA) in South Africa is one of the most powerful tools for building wealth, as all interest, dividends, and capital gains inside the account are completely exempt from tax. As of March 2026, the annual contribution limit has been raised to...
🩺 Claiming Medical Expenses on Your Tax Return
🩺 Claiming Medical Expenses on Your Tax Return 1. What Medical Expenses Can Be Claimed? South African taxpayers may claim certain medical expenses as deductions or credits, provided they meet SARS requirements. These include: Medical aid contributions (as reflected on...
Deemed Income Explained: What You Need to Know
💡 Deemed income is a tax concept that often catches people off guard. It’s not money you actually receive in your bank account, but it’s treated as income by the tax authorities. In short, it’s about the economic benefit you enjoy, even if no cash changes hands....
Navigating Trust Penalties and Deregistration: What Trustees Need to Know
The South African Revenue Service (SARS) has announced important updates regarding trust tax compliance and deregistration. These changes affect trustees, tax practitioners, and beneficiaries, and require careful attention. 📌 Deferral of Trust Penalties Administrative...
Budget 2027: Tax and VAT Highlights
The 2027 National Budget, tabled by Finance Minister Enoch Godongwana, places strong emphasis on fiscal discipline while offering targeted relief to households and small businesses. Tax and VAT adjustments form the backbone of this year’s proposals, reflecting...
The Tax Benefits of Donations in South Africa
Giving back not only supports great causes—it can also reduce your tax bill. South Africa’s tax laws encourage individuals and businesses to donate to registered public benefit organisations (PBOs) by offering attractive tax deductions. 1. Donations to Approved PBOs...
What Is an Arm’s Length Transaction—and Why It Matters
An arm’s length transaction is a business deal where the parties act independently, without influence from personal or professional relationships, and negotiate terms based solely on market forces. This principle ensures fairness, transparency, and...
Understanding the Requirements for Provisional Tax
🧾 Understanding the Requirements for Provisional Tax. Provisional tax often sounds more intimidating than it really is. It’s not a separate tax—just a system designed to help taxpayers spread their income tax payments across the year, rather than facing a large lump...
SARS Auto-Assessments: 5 Common Misconceptions South Africans Should Avoid
Each year, thousands of South Africans receive auto-assessments from SARS and assume their tax affairs are sorted. But accepting the auto-assessment without a second thought could cost you—in refunds, compliance, and peace of mind. Below, we break down common myths...
Financial Intelligence Center Act 38 of 2001 “FICA”
We have all heard about “FICA” if it is to open a new bank account or buying or selling a property, we are all reminded about “FICA” all the time, but what does “FICA” mean, and what does it stand for? Financial Intelligence Centre Act 38 of 2001 The act (“FICA”) was...