SEM South African Tax Changes


Expatriate Financial Services

SARS 2020 - The Million Rand Question for South African Expats

Book a complimentary consultation with us to find out how South African tax changes will impact you and what you can do about it.

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The 2020 South African Tax Grab

As a South African expat in Singapore living in a country where the top tax rate is 22%, but your salary falls into South Africa’s tax bracket, the taxman now wants to come after you to collect the difference of 23%.

This means foreign employment income will become fully taxable‚ and the only relief that may be claimed is foreign taxes paid as a tax credit. For example‚ if you fall into the 45% tax bracket and pay 22% tax in Singapore‚ SARS will collect the difference of 23% from March 2020.

What are your options?

The AAM Wealth Solutions team, working closely with Quilter, are examining closely the options open to South African expats in Singapore, namely:

  1. Establishing Non-Ordinarily Resident Status and ensuring that you do not fall foul of the Physical Presence Test
  2. Formally Emigrating financially from South Africa
  3. Accepting the changes and paying the additional tax bill

How can you find out where you stand?

What about your assets outside South Africa?

It is vital that you structure your wealth correctly to mitigate the impact of Income Tax, Capital Gains Tax, Donations Tax and Estate Taxes. If you do not, you could be in for a nasty shock as the automatic sharing of information on your wealth with SARS has already taken effect.

Book a complimentary consultation with us to find out what are your best options and how you can structure your wealth for tax efficiency.

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About AAM Advisory

AAM Advisory offers a complete financial planning service for Expatriates in Singapore focused around wealth creation and preservation strategies. We have a team of over 30 experienced financial representatives backed by a wealth of research, knowledge and expertise. We work with over 5,000 clients advising them collectively on over SGD 1 billion. 

International Adviser, Best Practice Adviser Awards (Singapore)
We were winners in the following categories:

  1. Best Adviser Firm, by Region (2018)
  2. Excellence In Operational Efficiency (2018)
  3. Excellence In Professional Development (2018)
  4. Excellence In Marketing & Client Engagement (2017)
  5. Excellence In Social Media (2017)
  6. Excellence In Investment Planning (2016)
  7. Excellence In Professional Development (2016)

Expat Living Reader’s Choice
We were Gold Winners, winning best Financial Planning company