MyMoney Online, Personal Finance with Warren Ingram

Working abroad? New rules are coming! You're probably breaking the existing ones

pixabay.com, 2019

There are a lot of people who are breaking the current set of laws, completely unintentionally.

Warren Ingram, Personal Financial Advisor - Galileo Capital

New legislation coming in next year… if you haven’t done this financial emigration… then you pay tax at 45% on anything you earn anywhere in the world over R1 million…

Warren Ingram, Personal Financial Advisor - Galileo Capital

Are you a South African working abroad?

Sars has its beady eyes on you!

The Money Show’s Bruce Whitfield interviewed Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.

Ingram elaborated on the whole issue of taxation of foreign earnings.

Sars have yet to finalise the actual rules, which are due in 2020.

However, said Ingram, loads of people are already in breach of the existing laws.

Listen to the interview in the audio below (and scroll down for more quotes from them).

When you leave here… you need to tell Sars you’re emigrating from a tax point of view… The moment you do that it’s viewed by Sars as if you have sold all your assets, and therefore you need to pay Capital Gains Tax… even if you haven’t sold… That’s the trade-off you’re making…

Warren Ingram, Personal Financial Advisor - Galileo Capital

Get some advice really quickly… I think it’s coming…. It’s politically palatable… I think it’s one they’re going to drive…

Warren Ingram, Personal Financial Advisor - Galileo Capital

There are more black professionals out of South Africa now than there are white professionals leaving every year… the numbers are big… they’re creating a real incentive for those professionals to just not come back…

Warren Ingram, Personal Financial Advisor - Galileo Capital

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This article first appeared on 702 : Working abroad? New rules are coming! You're probably breaking the existing ones


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