Our partner, Seafarers Global, offers financial advice and tax compliant solutions for South African yacht crew.
New legislation that takes effect 1 March 2020 has increased the tax bill for many South African Superyacht crew. It is important to declare revenue to SARS as well as paying the right amount of tax or claiming the applicable exemption each year. Avoiding SARS can bring about heavy penalties as well as a potential criminal conviction.
Getting advice from an expert helps you pay the right amount of tax for your situation. Whilst all crew must declare their income, the amount of tax will depend on a number of factors including your employment contract, and an exemption can be applied where applicable. There is no one size fits all approach to tax, it is about taking your situation and future goals into account, to find the best solution.
The Seafarers Global tax diagnostic will help you better understand your residency and compliance status. Understanding your current employment and tax status is critical to provide appropriate advice on tax exemptions and minimisation of taxes. The tax diagnostic allows for the outline of tax planning and compliance steps. This process, when correctly done, mitigates the risk of a potentially damaging SARS audit.