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When and how to correctly Declare a Divorce Settlement?

Posted 30 July 2015 under Tax Q&A


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Duncan says:
2 July 2015 at 11:44

Hi Tim, I was paid my divorce settlement last month, so not in the current tax year applicable to returns. Does the settlement need to be declared now or only in the next returns cycle that applies to the month the settlement was received in?

Also, I'm aware that the settlement is exempt from Tax and I got the necessary documents from the lawyers accordingly, do I still need to formally declare this amount?

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

TaxTim TaxTim says:
2 July 2015 at 11:53

You would not need to include this on your return, or if you do it would go under the Amounts not-considered taxable. Either way you will not be taxed.

Yes TaxTim can assist in doing this and will ask you the right questions to be able to complete and submit your return to SARS.


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