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Does money for food etc from your parents need to be declared with SARS?

Posted 20 October 2015 under Tax Questions



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JeanPant says:
17 October 2015 at 11:40

If I earned money from one company from July 2014 to February 2015, and received money from my parents to buy food etc during university from March 2014 to June 2014, do I need to submit a tax return for the 2014/2015 financial year?

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TaxTimTaxTim says:
18 October 2015 at 19:06

Yes you do, for the income earned during the period - did you receive an IRP5.


JeanPant says:
19 October 2015 at 9:51

Yes - I did receive an IRP5 from my company. I looked on the SARS website and it says that if you only received one IRP5 and you earned less that 350 000 rand in the year and you don't have anything to claim back then you don't have to submit. I meet all of those criteria and the money from my parents was not an income (I did not work for it).


TaxTimTaxTim says:
20 October 2015 at 7:32

You should still submit a tax return, although SARS has that one rule, they are making sure everyone submits regardless of it. It is always best to be fully compliant.


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