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A Fin24 user wants to know about the tax implications on money earned while working abroad on a yacht. He writes:
I have a South African friend who has earned tax free money, working on yachts. She has saved £17 000.
Currently the funds are in a bank account in the UK, but she would like to transfer the full amount to SA and invest in a unit trust portfolio.
Is she liable for any tax on transfer?
Marc Sevitz of TaxTim responds:
According to the South African Reserve Bank (Sarb) she will not be liable for amounts on brining the monies into South Africa, provided she earned the amounts whilst being out of South Africa for more than 183 days.
From an SA Revenue Service (Sars) perspective, if she meets the definition of tax exempt earnings of being outside SA for more than 183 days in a year of assessment whilst working on the yachts, then she won't need to make any payment to Sars either.
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