JHB 
South African taxpayers with significant wealth and cryptocurrency interests are once again under in the SARS spotlight. The South African Revenue Service (SARS) has renewed its focus on these two groups, reinforcing its commitment to closing the tax compliance gap and ensuring full disclosure across all income streams.
This renewed emphasis follows several recent developments, including the appointment of dedicated relationship managers for high-wealth individuals (HWIs) and the continued evolution of SARS’s crypto compliance capabilities. At MMS Group, we understand the increasing complexity of tax compliance for these groups and offer strategic support to help clients meet their obligations with confidence.
Heightened oversight for high-wealth individuals
SARS has made it clear that HWIs — defined not only by income but also by asset holdings and financial sophistication — are a priority enforcement category. With dedicated relationship managers now in place, these taxpayers face increased reporting expectations and deeper analysis of their financial affairs. SARS has also highlighted a number of ongoing lifestyle audits and is leveraging third-party data, including international sources, to identify discrepancies between declared income and actual wealth.
For HWIs, this means that tax planning must be both robust and transparent. The time for reactive compliance has passed. Proactive engagement with qualified tax professionals is essential to ensure accuracy in returns, manage risk, and avoid penalties.
Crypto traders firmly on the radar
Cryptocurrency holders and traders are no exception. SARS is actively strengthening its capabilities to monitor digital assets, partnering with global agencies and requiring South African crypto platforms to share client transaction data. This includes data on asset purchases, conversions, trades, and wallet balances.
Despite popular belief, digital assets are not anonymous. If there is undeclared crypto income — whether from trading, staking, or converting assets to fiat currency — SARS has the tools and partnerships to uncover it.
Taxpayers engaged in crypto activity should treat these assets like any other taxable income. Without full and correct declaration, they may face retrospective tax assessments, interest charges, and understatement penalties.
How MMS Group can assist
Navigating compliance obligations as a high-wealth individual or crypto investor can be daunting, especially in an evolving regulatory landscape. At MMS Group, we assist clients in understanding their risk exposure, compiling accurate declarations, and responding to SARS enquiries. Our team is equipped to guide clients through complex tax disclosures, crypto tax reporting, and audit support, helping you stay ahead of SARS’s compliance measures.
If you fall into either category or both — now is the time to act. Contact MMS Group for strategic advice and personalised tax support designed to protect your financial matters while ensuring you remain compliant.