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LadyBug says: 13 February 2016 at 14:54 Hi there! I've read your post about family gifts of money and I just want to confirm: If my father gives me less than R5000 per month as per a family agreement, I do not have to pay tax on the receipt of this money and have to just include it in the section of my tax return as "Amounts not considered taxable"? As well as this, my father will not have to pay donation tax because the sum will not exceed R50 000 every year? |
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TaxTim says: 15 February 2016 at 13:49 That is correct. Donations tax is only payable at 20% on amounts exceeding R100,000 per year. Therefore, as long as your father does not make donations to other people (the sum of which exceeds R100,000) he won't be liable for donations tax. You are correct in stating that you need to declare as an "amount not considered taxable" on your tax return. |
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