Another Financial Migration Question - Partial Income Tax year

[Koekemoers]

For those who have done their financial emigration, what is the chronological order of the process and the implications on the last filed income tax return:

e.g.

1. Ask agent to do Financial emigration

2. Agent does correspondence with relevant parties including SARS

3. At some stage you are de-registered for tax, how is this date determined or can you choose it? Does the date coincident with the end-date of the your last return (see no 4)? 

4. Your last income tax return needs to be compiled, is this usually for a full tax year or do you elected a date (partial income tax year) or do you need to use the de-registration date (no 3)?

 

Thank you.

 

 

 

 

[Hugo2]

12 hours ago, Koekemoers said:

3. At some stage you are de-registered for tax, how is this date determined or can you choose it? Does the date coincident with the end-date of the your last return (see no 4)? 

4. Your last income tax return needs to be compiled, is this usually for a full tax year or do you elected a date (partial income tax year) or do you need to use the de-registration date (no 3)?

 

3 & 4 are not outcomes for Financial Emigration - it follows because of TAX emigration provided you have NO RA' no fixed property and no bank account. As long as you have a blocked account you need a tax number as subsequent years may call for tax directive 

[timothy]

On 2/14/2019 at 10:02 PM, Hugo2 said:

 As long as you have a blocked account you need a tax number as subsequent years may call for tax directive 

 

For how long does one have this blocked account?

[Hugo2]

As long as you have blocked assets such as retirement fund life cover and also remain a trust beneficiary