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As of July 2013 SARS declared it illegal for anyone other than a registered tax practitioner to assist people with doing their tax returns. Unless the person you know is a tax practitioner, them doing your tax return can lead to trouble for both of you.
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I'm a dual citizen having both South African and British citizenship. I have worked all my life in UK and am in full time employment under a contract with UK employer. I tax return to South Africa once every year and stay for a holiday between 4 to 6 weeks. If I invest in a fixed rate account of some R500 000 over 5 years, am I liable to pay any tax on that investment product as I'm not ordinary resident in South Africa for tax purposes not indeed even have a South African tax number
If you are a non-South African tax resident you would still pay tax on any income from a South African source. Therefore you would pay tax on the investment income - there is a R23,800 exemption per year for interest so only amounts above this will be taxed.
Thanks Tim. A helpful answer but some clarification. By non South African tax resident in your answer is I think a South African resident but not eligible for tax generally due to my tax status in the UK but if the income is from a South African source then tax to be paid because of that source?
TaxTimsays: 25 May 2016 at 9:35
Yes, from the information provided, you are not a SA tax resident but since you earn income from a South African source, you are eligible for tax in South Africa on these funds.
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