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Do I need to declare investments outside SA?

Posted 15 October 2015 under Tax Q&A


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Steve says:
8 October 2015 at 7:39

I have been living outside of South Africa for longer than 2 years. I have been investing money outside of SA. The currency is USD. Do I need to declare this investment in my tax return. The money was earned outside the country, and I have not yet tax returned to SA.

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TaxTim TaxTim says:
8 October 2015 at 21:44

If you are not a tax resident of South Africa, you don't need to pay tax on money earned out of South Africa
Please answer these questions to make sure you are not a tax resident:
Am I a tax resident of South Africa?

Steve says:
8 October 2015 at 23:43

I am no longer a tax resident of South Africa, I have however been renting out my property in South Africa. As I am not a tax resident, am I liable to pay tax on the earnings from the rental. Do I need to declare money that has been sent back to South Africa and placed into my bond account?

TaxTim TaxTim says:
9 October 2015 at 7:15

You would need to declare the income earned in SA - so the rental income, this would be taxable in SA. You do not need to declare the amounts earned from overseas that you send back to SA.

Steve says:
13 October 2015 at 2:43

Thanks TaxTim, So to clarify:

1. The money I have earned outside SA does not get taxed AND does not need to be declared, even though that money has been sent back to SA.
2. Investments made outside SA that I have made with money earned outside SA does not get taxed or even declared. (my concern here: SARS has no record of the money or investment, so will it be taxed in the future when it gets brought into SA when I am a taxed resident again, even though I earned and invested when I was not a tax resident)

Thanks

TaxTim TaxTim says:
14 October 2015 at 11:19

You are correct yes, however the money that you do eventually bring into SA will only have any earnings taxed - ie the interest or dividends etc that you may earn when the money is invested here. Not on the actual capital.

Steve says:
14 October 2015 at 19:32

So at this point I do not need to declare foreign income and investments. I only need to declare them when I am a tax resident again. So in essence, my tax return consists of medical aid details and rental income and expenses?

TaxTim TaxTim says:
15 October 2015 at 21:42

That is true, only the income earned from a SA source currently.


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  • Maximise your refund
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