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?
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.
DBsays: 26 March 2015 at 8:21
Do you need to supply SARS source docs etc.?
TaxTimsays: 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.