Gift/ Living inheritance - tax consequences?

Posted 21 April 2015

Hi. I am purchasing a property for R1m. I have obtained a loan from the bank for R800K, and my dad will be giving me R200K to pay the difference of the purchase price. Please advise what tax implications there are on this- it is a living inheritance, payable to him only IF and WHEN he requires it. Or basically I dont have to pay him back. Thanks.

Informing SARS of Inheritance or donations received from overseas?

Posted 6 April 2015

I am a SA tax resident. What is the process regarding informing SARS if I receive inheritance or a donation from an offshore relative into my offshore account? Also do I need to pay any tax other than CGT going forward?

Corporate Social Investment for tax purposes?

Posted 6 March 2015

I am wondering about the Tax Benefits for companies that donate money for CSI (Corporate Social Investments) is there a certain starting amount companies need to donate? How do I know if my company donates to a charity or NGO that I will get the Tax Benefit? What paperwork should I be asking to see from the NGO or Charity. Your assistance would be greatly appreciated.

Role of SARS in NGO's

Posted 25 February 2015

What is the role of SARS in non-profit organisation?

What are the next steps after registering an NPC with CIPC and SARS?

Posted 23 February 2015

We have just registered an NPC. . . . Do we need a tax clearance certificate, BEE Certificate, Income Tax Registration and VAT registration or in other words what are the next steps are registering an NPC or NPO to ensure we are SARs compliant

What are the tax implications of transferring shares without selling them?

Posted 23 February 2015

If one were to transfer shares in a listed company from person (a) to person (b) without selling them is the only tax implication the STT (securities transfer tax) of 0. 25% of the value? Does person (a) have any other tax implications? and when person (b) sells the shares what would the base cost be? (the same as person a's cost or 0 as person (b) did not pay for the shares)

Are Gifts or Donations received by me for the maintenance of my family taxable?

Posted 31 January 2015

Are Gifts or Donations received by me for the maintenance of my family taxable?

Can Mother and Father donate together R200000 to their child without donation tax?

Posted 31 January 2015

Can Mother and Father donate R100000 each to their child in one financial year without any donation Tax if the parents are married in community of property.

Source code 3022 - PROFIT FROM TRADING ACTIVITIES (TAXABLE) not on eFiling

Posted 28 January 2015

I am trying to declare the profit on the trading of shares (non-Capital gains) in e-filing but the required source code (3022 PROFIT FROM TRADING ACTIVITIES (TAXABLE)) is not available on the pop-up list and I cannot force any other source code than those on the system. What do I do now?

Declaration of donations for tax purposes on the ITR12?

Posted 26 January 2015

My wife is a housewife and does not earn any income. I regularly make investments for her into unit trusts. Do I have to declare these donations to SARS? Thank you

Tax implication for my child if I give her 500 000 .00?

Posted 25 January 2015

I want to give my child 500 000. 00what is the tax implication for my child?This is for a gift. Thank you kindly

Will I receive 100% of the value of a charitable donation back as a tax-refund?

Posted 5 January 2015

I understand that I can claim deductions for charitable donations to a registered PBO (with a section 18A certificate) up to 10% of my taxable income. I am wondering whether I will receive the full value of my donation back with my tax refund or only a portion of it. I like the idea of donating up to 10% of my taxable income, as I will have a say in where it goes. However, this will be a sizeable portion of my income and can only do this if I'm sure of receiving the income back in my tax refund.

Tax on Interest only income?

Posted 19 December 2014

I'd like to know how tax works based on this assumption:
>>
I have only one income and it's purely from interest earned off of investments (simple investments that give a fixed rate monthly so nothing funny about offshore, shares, etc.)
>>

My guess is that it's the equivalent of earning a salary (i.e. if you earned R3500 in interest monthly that you'd look up the tax rate in the current tax booklet and therefor have to pay nothing as tax appears to only be required when earning more than R5891 monthly)...

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Debit Loan Accounts & DWT

Posted 21 November 2014

I'm the sole member of a CC & have a debit loan account amount of approx R200,000 for the 2014 tax year.I believe that this raises certain DWT issues etc and was wondering if the CC charges me market related interest on this amount for the year & adds this amount to my loan account, would this solve my problem & not have to declare a dividend to balance the loan?If also heard that if the deemed dividend rule (DWT) will not apply if the loan is repaid or otherwise extinguished by...

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How to input a donation on eFiling?

Posted 20 November 2014

I made a Section 18A donation. There is nowhere to input it on my eFiling. How do I enter and what is the source code?

Query for Tax Tim Website - want to know what documents to bring along to the internet store before.

Posted 18 November 2014

What documents do I need when asking tim to complete my SARS tax form? IRP5 and anything else ?

Income tax on salary from a non- profit organisation in USA

Posted 18 November 2014

I"m working for a non-profit organisation in America. How does the income tax work?

Charitable donations - where do you list them and how do you find out if the church qualifies?

Posted 15 November 2014

- Where on the tax return do I list my charitable donation?
- How do I find out if the church I contributed to qualifies as a PBO? Apparently there is a list they need to be on?

What of form of tax do I pay if I am an SA resident employed and paid by a foreign employer?

Posted 11 November 2014

I am employed by an non-profit organisation based in the UK. I am a permanent resident of SA and I work from home. I receive my salary from the UK (monthly, with payslips) in GBP every month and I would like to know what I need to do to pay tax and what documents are required for SARS. Do I do a normal tax return?

What will the tax impl be of transferring property

Posted 10 November 2014

I wish to have a property of my parents transferred to myself and the transaction to be concluded using an interest free loan from my parents. I then wish for them to write the loan off annually with the full amount that is allowed by tax, they are married in COP.Will this be possible?The value of the property is R1,5mil - municipal valuationWill there be any additional taxes on such a transaction?

What is the capital gains tax implications on a donation?

Posted 31 October 2014

What is the capital gains tax implications on a donation?

Both questions above are short one sentence each

Posted 29 October 2014

1) when is the due date for 2014 returns2) Are my donations to my church deductable

Tax on monthly gift from family

Posted 25 October 2014

A family member is paying money into my account (a fixed amount) over a few months to help me pay back a debt.It is a gift from them to help.Do I have to pay tax on this .I am unemployed and do not submit returns.

PAYE regulation regarding 'unpaid salaries'.

Posted 23 October 2014

As a shareholder/director of a PTY, if I received "unpaid salary" that then accumulates in a loan account, would I still be require to pay PAYE, even if no income as such is received?

Tax obligations on monetary gift from foreign source?

Posted 22 October 2014

I am a UK Citizen and have had Temporary Residence in South Africa for a few of years. I work in South Africa, have a valid work permit and am married to a South African.

My parents in the UK (who are British Citizens) would like to put a gift into my UK Bank Account of just over R1,000,000. My UK bank account has sat dormant for years and I submit my SARS Tax Return with the details of my active South African Bank Account. Will I, or my parents, have any tax obligations in South Africa in relation to the gift? Also, am I required to reflect the gift on my next Income Tax Return in South Africa?...

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