While the fiscal year-end is crucial, effective tax planning is a year-round process. We recommend regular reviews to optimize your financial strategies and adapt to any changes in tax laws.

In the unlikely event of an audit, we provide full support. We'll guide you through the process, help gather necessary documentation, and sternly represent your interests before the South African Revenue Service (SARS).

We have sharp expertise in various areas of tax, covering both domestic and international tax matters alike. We are able to provide comprehensive advice and support in all areas of tax, including corporate tax, cross-border tax, and crypto asset tax, among many others. Contact us to see how we can help you.

You can easily schedule a consultation by contacting us, and we will happily arrange a meeting for a convenient time. We look forward to discussing how we can assist you with your tax needs.

We specialize in a broad range of tax solutions. Our comprehensive services cover everything from individual tax returns to complex business tax planning. We can advise on complex matters, issue formal legal opinions, submit both individual and corporate tax returns, and assist in tax disputes. We even cover Voluntary Disclosure Programme (VDP) applications and other specialized SARS engagements such as obtaining tax certificates, and tax number activations / deregistrations.

Our firm prides itself on combining sharp technical expertise with personalized service. We prioritize clear communication, personalized solutions based on our clients' unique needs, and a commitment to excellence in navigating the complexities of taxation. Put simply, Ibex is built on client-focused, expert-driven tax solutions, going beyond numbers and above expectations.

We offer both in-person and virtual consultations for your convenience. Our secure online platform ensures a seamless and confidential experience.

You are exempt from filing a tax return if your income for the tax year does not surpass the R500,000 threshold, provided you meet the following criteria: Your remuneration comes from a single employer in South Africa. You don't receive a car or travel allowance or any additional income like a company car fringe benefit. Employee tax (PAYE) has been deducted or withheld from your income. You haven't earned any other supplementary income, such as rentals, dividends, interest, etc. Additionally, where you have earned any income or capital gains from sources outside South Africa during the tax year, you need to submit a tax return even if you are below the threshold.

The tax year (or "year of assessment") for individuals runs from 01 March to the end of February each year.

To complete your tax return, ensure you have the following documents on hand: IRP5 employees' tax certificate. IT3(b) and (c) certificates from financial institutions, outlining interest, dividends, and capital gains. Certificate of contributions, to retirement annuity fund or pension funds. Medical Aid certificate, indicating your contributions. A travel logbook, for any travel allowances received. Additionally, be sure to declare any other income received during the tax period on your return.

SARS typically takes 7 to 21 business days to process and transfer refunds to verified South African banking accounts. If you have not received your refund within this time, further action is likely required.

Tax filing season for individual taxpayers is announced by SARS each year, but generally commences on 01 July each year. These days, a substantial portion of individual taxpayers undergo auto-assessments. Those who receive auto-assessments will also have the option to manually file their returns if they wish to contest the auto-assessment results. However, this generally needs to be done before the end of the filing season.

If you currently or have previously lived in South Africa, it is worth checking your tax residence status with SARS. See here on how to check this on e-Filing. If you have met the requirements for either of the tax residence tests at any point, you may need to update your tax residence details with SARS. Individuals who were previously tax residents in South Africa need to hold a Notice of Non-Resident Tax Status from SARS, to be treated as non-residents for tax and exchange control purposes. This requirement extends to individuals who have previously financially emigrated or declared their non-resident tax status in a past tax return.

A tax resident has a Single Discretionary Allowance (SDA) of R1 million, which they can send out of South Africa per calendar year, before SARS approval is needed. On the other hand, a non-resident requires SARS approval for all capital amounts that are sent out of South Africa (with certain exceptions). SARS approval comes in the form of an Approval International Transfer (AIT) Tax Compliance Status PIN (or "AIT TCS PIN"). However, in order to obtain this, one has to submit an application which includes a self-audit and declaration process with SARS. There is no upper limit to the amount that can be requested for transfer, but additional formalities do apply where a taxpayer seeks to move more than R10 million out of South Africa during a calendar year. Importantly, banks are required to report transactions by tax non-residents to the South African Reserve Bank (SARB), so there are certain other formalities that apply from a banking perspective. Contact us to find out more.

Ceasing tax residency means that you become a tax non-resident in South Africa. This is also sometimes referred to as "tax emigration" or "financial emigration", depending on who you are speaking to. There is no real difference between these terms. We fully and comprehensively assist with ceasing tax residency in South Africa, and provide a full strategy and roadmap beforehand to ensure that your specific compliance needs and goals are met.

Well, it depends. You might be able to claim DTA relief if there is one in place between South Africa and the country you are living in. However, DTA relief only applies in specific cases, and depends on whether you can prove that you meet the requirements. Sometimes, relief under a DTA is actually covered in the RSA Income Tax Act, such as foreign tax credits and other exemptions. Sometimes, a DTA is a crucial tool for optimally mitigating your tax liability. We are specialists in DTA relief, and comprehensively cover all areas of advice, action, and compliance in the realm of international tax. Contact us to find out how we can help you.

Tax residence establishes your tax jurisdiction, determining where you are obligated to pay taxes on amounts earned from worldwide sources. On the other hand, a non-resident only declares RSA-sourced amounts to SARS. In South Africa, two tests are employed to ascertain tax residency: Ordinarily Resident Test: This test assesses a taxpayer's subjective intention, supported by objective factors. If you do not meet the criteria under this test, the next one is applied. Physical Presence Test: This test considers the time spent by an individual being physically present in South Africa over six consecutive tax years. For corporates, tax residence in South Africa is established by the place of incorporation, establishment or registration of the entity; alternatively, its place of effective management.

You can cease tax residence either in terms of the South African Income Tax Act, or in terms of a Double Tax Agreement (DTA) between South Africa and the other country that you live in. It is important to speak to an expert to confirm which approach would be correct in your case. Once you have confirmed the correct approach, and obtained all of the evidence needed to prove your non-resident status, take the following steps: Complete a Declaration Form for ceasing tax residence in South Africa. Login to your e-Filing profile and go to the Registration, Amendments and Verification Form (RAV01). Navigate to the "Income Tax Liability" section of the form, change your sub-category to "Non-Resident", and confirm your tax residence cessation date. SARS will issue a verification request. Compile the required documents and submit this information to SARS. SARS generally takes up to 21 business days to issue an outcome to the application.

Individuals who earn foreign employment income of less than R1.25 million per year, are entitled to claim a tax exemption for workdays spent outside South Africa during the tax year, if they meet the following further requirements: They are physically outside South Africa for more than 183 full days in any 12-month period; and They spend more than 60 full days outside South Africa consecutively in the same 12-month period. However, this exemption is not automatically applied. Taxpayers are required to declare their foreign employment income to SARS in their tax returns and prove that the above requirements have been met in each case. It is important to note that this exemption does not apply to non-employment income, or to any income for workdays spent in South Africa.

Crypto assets are taxed as either capital gains or income, depending on factors like the holding period and your trading frequency. Transactions involving crypto assets, such as earning, buying, selling, or exchanging, may trigger taxable events. It's important to report these accurately to SARS. We leverage technology with a keen and current understanding of crypto asset regulations to ensure consistent compliance and on-demand expert guidance. If you have any specific questions, please feel free to contact us.

Calculate by subtracting the purchase price (including associated fees) from the selling price. For individuals, the maximum capital gains tax (CGT) rate is 18%. For corporates, it is 21,6%. Capital gains may need to be declared in a provisional tax return, and are always declared in annual tax returns. Record each transaction meticulously for accurate tax reporting. It is always advisable to consult with a tax professional for nuanced advice.

We have a deep understanding of crypto asset compliance. We leverage on technology, knowledge and skill, to ensure optimal tax & regulatory compliance. Our team has years of experience working personally alongside a diverse range of clients and crypto asset platforms, among other professional partners, in the crypto asset compliance space. Our clients receive full coverage, from advisory to tax return. And every calculation, legal opinion, tax dispute, VDP, and SARS ruling in between.

Reporting methods can vary. Typically, you'll need to include information about your cryptocurrency transactions when filing your provisional tax and / or annual tax returns. You will need to compile supporting documents, such as transaction histories and tax calculation. Seeking guidance from tax professionals is advisable for optimal compliance.

Mining and staking activities do have tax implications. Gains from mining are usually considered income, while staking rewards may be treated as income or capital gains. Ensure accurate record-keeping, report rewards at fair market value, and stay updated on evolving tax guidelines for these dynamic crypto activities. Consultation with a tax professional familiar with crypto asset taxation is recommended for nuanced advice. Contact us to find out how we can help you.

Yes! Ibex works with tax partners around the world to ensure full cross-border compliance alignment. We are international tax specialists, being able to fully guide our clients from a cross-border tax perspective, claiming tax treaty relief where applicable and making use of tax credits and exemptions in other cases.

We aim to provide a full coverage service, from corporate and employees' tax advisory to tax returns and payroll administration, We can assist in simple and complex matters alike, all the way from technical advisory services to tax disputes, VAT compliance, or group reorganizations.

A company elects its own financial year-end, and have the flexibility to modify it anytime via the CIPC website. Companies are obligated to submit their tax return (ITR14), within 12 months from the conclusion of their financial year.

The corporate income tax rate is 27%. Non-compliance with corporate income tax regulations can result in penalties, including fines and interest. It's crucial for companies to adhere to filing deadlines and fulfill reporting requirements.

Companies must register for tax using the company's name, treating it as a separate legal entity. Beyond income tax, other factors like turnover, staff relationships, payroll size, and involvement in imports/exports determine if registration for additional taxes (VAT, PAYE, UIF, Customs and Excise, SDL, etc.) is required or if any special deductions and other provisions apply. For companies that did not trade during its financial year, it is still recommended that a tax return be submitted to SARS.