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Mike says: 24 March 2016 at 17:36 If a minor child inherits - how much do they have to earn before they must be registered for paying tax? If they are not liable for tax, does one as the parent still have to notify SARS that they have funds invested? |
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TaxTim says: 29 March 2016 at 13:31 The inheritance itself would be non-taxable, however assuming the funds are invested, the resultant interest and capital gains would be taxable. If they earn a taxable income of more than R75,000 per year, then the parent must register him/her for income tax purposes and obtain and submit a tax return on his/her behalf. There is an annual interest exemption of R23,800 per year so interest in excess of this amount would count towards the R75,000 threshold. |
