Tip Two: Involve Your Spouse.
In Step One of the Making the Most of Crypto series, we explored that you should maximise your Foreign Investment Allowance (FIA). For Step Two, let’s dive into how things change — and improve — when you have a spouse.
Each South African taxpayer is entitled to R11 million per year between the FIA and SDA, meaning a couple has a combined potential of R22 million. To unlock this full benefit, its beneficial to have both names in play so that is any hold up’s on the one name you can continue with the other vice versa.
For example
Applying for your FIA and tax clearance through SARS can take up to 21 working days per application. If you handle only you applications until you reach the 10 million and then only switch over to your spouse you are effectively doubling your wait time and possibly missing out on key market windows. Applying together means a single wait period for both, maximising market opportunities, and lack of unnecessary delays and administrative burdens. This means you make full use of your allowances before year-end deadlines creep in.
It’s essentially tag-team trading — while one account is running, the other is gearing up vice versa.