Two things are certain: you will get old and you will pay taxes.
If you’re South African and worked overseas for a short period of time, you would still have been subject to South African tax laws.
It’s one of those things that you don’t really think about when planning a gap year or some time abroad. Out of country – country out of mind. Still, it’s a thing that you probably had to contend with.
The laws change when you want to emigrate, too, leaving your home country to set up elsewhere.
That’s why it’s important that you follow the correct steps if you want to hang onto your savings and avoid unnecessary tax problems down the line.
According to BusinessTech, individuals who emigrate to new tax jurisdictions could face problems in withdrawing their retirement annuities (RA) if they wait too long before getting their tax affairs in order.
One of the main reasons for this is that in order to withdraw your RA, you need to produce up-to-date tax returns.
If you have not applied to the South African Reserve Bank to no longer be considered as a South African resident for exchange control purposes prior to emigration, and you subsequently do not file South African tax returns for a number of years after emigrating, gaining access to your South African RA may prove difficult.
It’s therefore crucial that South Africans wishing to emigrate get their affairs in order as quickly as possible. There are three main steps that you should follow:
To make sure that you follow these steps correctly, the first two should be carried out by a tax advisory firm like Galbraith | Rushby, who offer professional tax compliance and advisory services to individuals and businesses, while the third step should be handled by the South African Reserve Bank.
Working with Galbraith | Rushby to get your tax affairs in order is the easiest way to file your tax returns, ensure access to your RA, and cultivate the peace of mind necessary to make the big move to another country.
Making the decision to emigrate is both exciting and stressful. While it might feel like a completely fresh start, it’s important to plan for the future, by taking the present state of your finances into consideration.
Also, once you’re overseas, don’t be one of those ex-pats who constantly badmouths the country in order to justify your decision to leave.
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