It is well known that trusts and estates have been under the magnifying glass of the South African Revenue Service (SARS) for a while now. This led to the introduction of an anti-avoidance measure (Section 7C of the Income Tax Act) effective from 1 March 2017, whereby SARS accesses growth in a trust. SARS wanted a way to access growth in assets, which people historically deliberately moved into a trust and thereby “froze” the value of the estate for estate duty purposes.
We often like to think “it won’t happen to me.” It’s human nature. Unfortunately, the truth is that an injury or illness can happen to any of us – at any time. If it does, it can impact your ability to do your job and earn an income.
The National Department of Health (NDoH) has advised that the first confirmed case of COVID-19 (coronavirus disease 2019) has been reported in Kwa-Zulu Natal. To allay possible fears regarding cover for Medihelp patients, you can advise your clients of the following key factors to consider.
The laws around tax for South Africans who live and work abroad have changed and it’s important to work out whether or not you are now expected to pay tax on income you earn outside of the country. Carla Rossouw tackles this complex topic.