Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Informing SARS of Inheritance or donations received from overseas?

Posted 6 April 2015 under Tax Q&A


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
DB says:
25 March 2015 at 9:58

I am a SA tax resident. What is the process regarding informing SARS if I receive inheritance or a donation from an offshore relative into my offshore account? Also do I need to pay any tax other than CGT going forward?

This entry was posted in Tax Q&A and tagged , , , , , , . Bookmark the permalink.

TaxTim TaxTim says:
25 March 2015 at 14:20

IF you receive an inheritance there won't be any tax on that receipt in South Africa, you will need to inform SARS however and there is place for this on the income tax return. Going forward you will pay tax on the income generated from that inheritance such as interest or yes CGT in the event of a capital asset.

DB says:
26 March 2015 at 8:21

Do you need to supply SARS source docs etc.?

TaxTim TaxTim says:
26 March 2015 at 19:55

Only if they request it as part of an audit or verification.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started