Understanding the tax implications during sequestration in South Africa is an important part of the insolvency process. Sequestration affects more than your assets and debts — it also changes how the South African Revenue Service (SARS) administers your tax affairs. This includes your tax status, outstanding tax debt, income tax and, in certain circumstances, Capital Gains Tax (CGT). Here is what you need to know.
Worried about losing your house or car during sequestration? We explain what happens to financed assets, outstanding balances and shortfalls, and how these assets can form part of resolving your debt.
