If you earn offshore but continue to contribute to a SA fund, you no longer qualify for any tax exemption when you withdraw or retire from the SA fund. Picture: 123RF/DOLGACHOVSince 1984, a portion of my retirement benefit has been sourced outside SA and described on my IRP5 as “code 3714 Other Allowances — non-taxable” and on the monthly payslips as “non-SA pension”.
Has the law changed regarding such offshore income? I am a permanent resident and citizen of SA and have been since birth. —Until then there had been an exemption for pensions and lump sums paid to residents from foreign funds and local funds where your contributions were in respect of employment outside SA.The law changed with effect from March 1 2017.
In addition, the exempt portion of pensions and annuities currently being paid fell away and the full payment is now taxable.
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