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Penalties on undeclared offshore property?

Posted 10 October 2013

If an offshore property was transferred into your name in 2009 as a gift from an overseas family member, and you never declared it to SARS or SARB, what type of penalties do you face. What is the process to declare this now, forms, etc.

TaxTim TaxTim says:
10 October 2013 at 12:24

Do you rent the property out and earn income?

Susan says:
10 October 2013 at 12:28

No family members reside in it, and do not pay rent, but the title deed is in the name of a current SA resident.

TaxTim TaxTim says:
10 October 2013 at 13:31

Are you the South African resident in whom the title deed is registered?

Susan says:
10 October 2013 at 13:39

No my husband is.

TaxTim TaxTim says:
11 October 2013 at 12:18

There is no obligation to declare to SARS until you sell the property which would trigger a capital gains tax. So be mindful of the market value of the asset when it was transferred into your name. Did you make any payments for this property or was it transferred free of charge. For SARB purposes you may need to notify them of this as you hold property overseas, but no money as taken out. The best advice is to speak to a SARB official about this and they can be contacted via the SARB website.

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