Ep. 16 – South African Expat Tax Changes and What Expats Must Do Before 1 March 2020 with Hugo van Zyl – PROpulsion Podcast
— Read on www.propulsion.co.za/ep16/
- Your first tax payment – due 31 August 2020
- Your first tax filing date – Probably late 2020
Hugo van Zyl CA(SA) TEP MTP(SA) is well-known for his expertise in cross-border tax and financial planning. It is no surprise that his colleagues refer to him as “ask Hue’Gle” when all other resources fail. His track record speaks for itself.
In this episode, we get into the nitty-gritty of the changes to the so-called “expat tax” in South Africa. With the new changes already enacted into law, the implementation of the new changes has been deferred until 1 March 2020. Many expats have not considered the impact this will have on them. Financial Advisors are just as confused in many cases and are at a loss when having to point their clients in the right direction.
Some of the aspects we discuss include:
We also discuss Circular 4 of 2014 that caters for life and living annuities to be paid directly to a foreign bank account if the Annuitant has a foreign FICA address. Such payments will not affect the person’s discretionary travel allowance nor their R10m annual allowance.
Minutes after the interview, SARS issued an FAQ document that confirms everything we discussed in the interview. You can download it here.