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Offshore money received from my brother for me to buy property in RSA.

Posted 7 July 2014

Hi Tim..i received R500 000 from my brother in Australia (he is an Australian Citizen) so for him that was like only 50 000 Aus dollars to help me get a deposit for a house here in RSA. For the outstanding amount I got a loan at a local bank. Which one pays the tax?

TaxTim TaxTim says:
7 July 2014 at 16:29

As a foreign resident he can give you money whenever he wishes. Just make sure it is not from a South African source and it was made earned and directly from Australia.

John says:
7 July 2014 at 16:33

Thanks TaxTim :) that was a quick response... so I take its not taxable then...yes it is from an Australian source....must I declare it or not..?

TaxTim TaxTim says:
7 July 2014 at 16:43

You can put it under donations in the "amounts not considered taxable" but it is not taxable.

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