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

Posted 7 July 2014 under Tax Questions



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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?

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TaxTimTaxTim 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..?


TaxTimTaxTim 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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