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Lynne says: 22 February 2016 at 15:57 I received (from a family friend in South Africa about R120 000 as a gift over a period of a year to help me pay back a loan. I had not been working for a few years so did not submit tax returns. Did I have to declare the amount to the receiver? |
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TaxTim says: 22 February 2016 at 22:05 Do you intend to pay back any of this amount? |
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Lynne says: 24 February 2016 at 16:15 No I am not paying any of this money back. |
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TaxTim says: 25 February 2016 at 1:49 The person who gave you this money would need to declare this amount and pay Donations Tax on amounts over R100 000. However this would relate to the tax year so if they gave you R120 000 over a calendar year and not the tax year which runs from March to Feb then they may be under the R100 000 threshold. Please read our Donations Tax blog for more information. You would need to declare the donation within your tax return in "the amounts considered non-taxable". |
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