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Wendy said: 20 February 2025 at 10:23 SARS told me to register as a provisional tax payer and I have completed your form. However I inherited approximately R500, 000 and I don't see where to fill this in? |
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TaxTim Nicci said: 20 February 2025 at 10:52 Money you inherited is exempt from tax, therefore it won't affect your taxable income and does not need to be included in your provisional tax return (IRP6). Your provisional return must include an estimate of all your taxable income for the year. This would include salary, freelance income, rental income, investment income and business income. Non-taxable income, like donations received and inheritance received, can be left out. Non-taxable income should however, be included in your annual tax return (ITR12) when you get to do that tax return later this year. There is a section in that tax return for 'amounts non-taxable' and you would include the amount you inherited there. Even though it does not affect your taxable income, you should still report it to SARS. |
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