|
Nondumiso says: 20 April 2022 at 16:09 My husband needs to pay me R850 000 maintenance as part of our divorce settlement, seeing as he does not have the funds all at once so he will be paying it to me in as a lump sum of R600 000 and the rest will be monthly payments for 3 years. What will the tax be on it? TaxTim says: There should be no tax due on the R600 000 if it's maintenance paid from your husband to you, you are however required to declare this income to SARS under the non-taxable income section on your tax return. Should you invest the R600 000, the interest you earn will be taxable and so will any profits you make if you use the money to start a business. The monthly payments will not be taxable either, it will, however, need to be declared to SARS too, please complete your income in the non-taxable income section of your return. |
Do Your Tax Return Easily