2024 Tax Guide on Ceasing to be Resident in SA

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2024 Tax Guide on Ceasing to be Resident in SA

• 15 November 2024
• Individuals Tax
• South African Accounting Academy

Summary:

SAICA has issued an updated 2024 Taxation guide on Ceasing to be Resident in South Africa.

Article:

This Guide provides an overview of the most important South African income tax and exchange control considerations for individuals who have or intend leaving South Africa on a temporary or permanent basis.

Different tax requirements apply for South African tax residents and non-tax residents.

Contents:

1. Introduction
2. Purpose, Scope and Limitations of the Guide
   • Determination of South African Tax Residency
   • Consequences of remaining a South African tax resident
   • Consequences of ceasing to be a South African tax resident
3. Exchange Control
   • Exchange control consequences of leaving South Africa

The guide also contains the following useful information:

• Diagram 1 – Summary of Resident test
• Diagram 2 – Summary of consequences when it comes to Trusts
• 21 Examples
• Frequently Asked Questions

This guide was originally issued in December 2022.

Click here to download the 62-page Guide:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/2024-Ceasing-to-be-Resident-in-South-Africa.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• Practitioners should adhere to the tax consequences when individuals cease to be resident in SA.
• Tax practitioners, Auditors, Independent Reviewers and Accountants should always be aware of the latest publications issued by regulators, professional bodies and standard-setting boards, such as SAICA, as well as the contents of any practical considerations contained within this guide.

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