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

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
69% of credit card fraud victims are old and alienated by technology

69% of credit card fraud victims are old and alienated by technology

Most people who fell prey to credit card fraud in the first three months of 2019 were old, says consumer journalist Wendy Knowler.

I wish the Ndlovu Youth Choir was mine! - Roddy Quin (music manager)

I wish the Ndlovu Youth Choir was mine! - Roddy Quin (music manager)

“What they’ve done for SA is incredible! You cannot put a rand value to it,” says Johnny Clegg’s former manager, Roddy Quin.

'Government is going to hike personal income tax. There’s no doubt'

'Government is going to hike personal income tax. There’s no doubt'

SA’s personal income tax burden is among the world’s 10 heaviest. It’s about to get even worse, warns economist Mike Schüssler.

Watching the 2019 Rugby World Cup from your couch may be better than being there

Watching the 2019 Rugby World Cup from your couch may be better than being there

Television has been a game-changer for watching live sport

How to buy a new car even if you don’t really have enough money for it

How to buy a new car even if you don’t really have enough money for it

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

I haven’t saved. I intend to work well into my 100s - Leon Louw (FMF)

I haven’t saved. I intend to work well into my 100s - Leon Louw (FMF)

Bruce Whitfield talks to Leon Louw (Free Market Foundation) about his attitude toward money (hopes, fears, successes, failures...)

Popular articles
How to buy a new car even if you don’t really have enough money for it

How to buy a new car even if you don’t really have enough money for it

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

'Government is going to hike personal income tax. There’s no doubt'

'Government is going to hike personal income tax. There’s no doubt'

SA’s personal income tax burden is among the world’s 10 heaviest. It’s about to get even worse, warns economist Mike Schüssler.

Hubby embarrassed after thinking staff wrote b**** on wife's take-away sarmie

Hubby embarrassed after thinking staff wrote b**** on wife's take-away sarmie

Khabazela shares tweets and Facebook posts that have gone viral.

Ndlovu Youth Choir bows out graciously, as US singer Kodi Lee crowned AGT winner

Ndlovu Youth Choir bows out graciously, as US singer Kodi Lee crowned AGT winner

The SA choir that has won the hearts of Mzansi is excited about what lies ahead and says 'this is only the beginning'.

Burger King rebrands as Bacon King (but drops 'ham' from the word 'hamburger')

Burger King rebrands as Bacon King (but drops 'ham' from the word 'hamburger')

"They seem to have succumbed to consumer pressure," says branding and advertising expert Andy Rice.

[WATCH] Reporter saying dead man 'was unavailable for comment,' goes viral

[WATCH] Reporter saying dead man 'was unavailable for comment,' goes viral

Khabazela shares tweets and Facebook posts that have gone viral.