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Bundy says: 3 June 2015 at 17:48 What is the rate of tax in South Africa on money donated by the donor to his/her son? Are there Tax free amounts? Thank you. |
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TaxTim says: 3 June 2015 at 18:30 All amounts over R100 000, that is each person may donate a total of R100 000 per tax year to one or more persons, are taxed at 20%. |
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Bundy says: 14 June 2015 at 16:08 Is the whole amount of R100,000 taxable income deductible? |
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TaxTim says: 15 June 2015 at 7:58 There is no tax deductible amount however if you donate less than R100 000 per year then you will not be paying any tax. All donated amounts over R100 000 will attract a 20% tax payable by you. |
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Bundy says: 15 June 2015 at 10:56 Great, if I understand you correctly, the R100.000 which one donated in a tax year, is not included in ones total gross income for that year. thank you, Bundy |
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TaxTim says: 15 June 2015 at 11:38 If you donated R100 000 to someone it cannot be included in the gross income of that person who made the donation. Gross income is for all monies and income received which has not taken place. |
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Bundy says: 16 June 2015 at 9:06 many thanks. all I need now is the R100,000 to donate. keep well. bundy |
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TaxTim says: 16 June 2015 at 19:01 Always the issue! |
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