For South African Olympians and soon-to-be Paralympians, the journey to success involves more than just winning gold, silver, or bronze — it also comes with complex tax considerations. The cash incentives are a sweet reward but come with a taxing twist. As these athletes celebrate their achievements, it is beneficial for them and their tax advisers to understand the tax regulations to ensure that their hard-earned rewards remain as sweet as possible.
Contrary to popular belief, paying more tax is often a positive sign, as it usually indicates strong performance and corresponding compensation at the Games. Effective tax planning and compliance are essential, as early preparation can help mitigate potential tax challenges down the line. Additionally, athletes must stay informed about their tax-reporting obligations to both South African and French tax authorities, as penalties for noncompliance can be severe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.