SARS’ due diligence, or an investigative window?
SARS HAS been hinting at introducing a wealthy individual ‘specific asset’ dis-closure for some time—and it is finally here! As of the commencement of the 2023 tax filing season, individuals holding assets valued at R50 million or more now need to provide a ‘high level’ disclosure to SARS.
Although below the threshold to get into SARS’ High Wealth Individual (HWI) club, this new requirement does mean an increased reporting and disclosure obligation on certain wealthy taxpayers.
At the upper echelons of wealth, if you received the Welcome Notice from the HWI Unit from late 2021 onward, the requirement to complete this disclosure cannot be questioned.
What remains uncertain, however, is whether this high-level disclosure is simply …