donations tax
When contemplating a trust structure, do not lose sight of the fact that running a trust adds a layer of complexity and costs to your financial affairs. When setting up a family trust, keep in mind that you will be
If you are employed but have been working from home during the tax year of assessment, you may be able to claim for certain running costs, although this area of tax can be tricky to navigate. Firstly, it is important
As the name denotes, donations mortis causa is where, with death being seemingly imminent, the donor promises to gift the donee something – with the donation being contingent on the donor’s death.
From 1 March last year, provident funds are subject to the same rules at retirement as pension funds and retirement annuities, except whereas a provident fund member you were age 55 or older at that date and you remain a
If you intend to gift a larger amount of money to your child, it may be more effective to structure the inheritance as a loan whereby the loan account appears as an asset in your estate, thereby avoiding donations tax.
In the event of your death, the funds held in your retirement annuity do not form part of your deceased estate and are not included when calculating your estate duty liability or executor’s fees – meaning that your RA effectively
Before making the decision to emigrate, it is advisable to review your plan to ensure that you fully understand the financial impact of doing so. Regardless of where you intend relocating to, emigration is an enormously expensive undertaking that requires
n terms of the Income Tax Act, donations made to or for the benefit of a spouse married with an ante-nuptial or post-nuptial contract are exempt from donations tax. Where a spouse married in community of property donates property which
Your tax commitments do not die with you and it is important to note that SARS has first claim to what is owing to them. In fact, a deceased estate cannot be finalised until your tax affairs have been fully
Being legally married in South Africa creates what is referred to as a reciprocal duty of support which means that each spouse owes to the other a reciprocal duty to provide for the other which can include accommodation, clothing, food,
