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  • 北京赛车pk10技巧:Donations tax

    What is it?

    A donation is any gratuitous (free or at no charge) disposal of property including any gratuitous waiver or renunciation of a right.? If the person (donee) receiving the donation gives anything in return, that it is not a donation.
    ?
    A donation takes effect when all legal formalities for a valid donation have been complied with (section 55(3)).
    ?

    Donations Tax Rate

    For the month of February 2018 and prior months, it is a flat rate of 20%.
    From 1 March 2018, donations tax is levied at a rate of 20% on the aggregated value of property donated not exceeding R30 million, and at a rate of 25% on the value exceeding R30 million (section 64(1)). Take note of the following –
    • in determining the R30 million threshold, the aggregate value of property donated commences from 1 March 2018 to date of current donation.?Any donations made prior to 1 March 2018 must not be taken into account;
    • the aggregate value of property to determine the R30 million threshold is calculated after deducting any exemptions (s56);
    • where the donor has exceeded the R30 million threshold, all subsequent donations will be taxed at the rate of 25%.

    Exemptions

    There are four (4) categories of exemptions –
    • Category one – Certain donations are completely exempt from donations tax.? For example, a donation made to a spouse; an approved public benefit organisation; any sphere of government; that is cancelled within six (6) months from the date that it took effect; etc (section 56(1)).
    • Category two -?In the case of a donor who is not a natural person (for example, companies and trusts), the exemption is limited to casual gifts not exceeding R10 000 per year of assessment (section 56(2)(a)).
    • Category three - The first R100 000 of property donated in each year of assessment by a natural person is exempt from donations tax (section 56(2)(b)).The first R100 000 of property donated in each year of assessment by a natural person is exempt from donations tax (section 56(2)(b)).
    • Category?four - So much of any bona fide contribution made by the donor towards the maintenance of any person. This exemption is limited to what the Commissioner considers reasonable (section 56(2)(c)).

    Who is liable for donations tax?

    Donations tax applies to any person (for example: individual, company or trust) that is a resident.?Hence, non-residents are not liable for donations tax.
    ?
    The person making the donation (donor) is liable for to pay the donations tax, however if the donor fails to pay the tax within the payment period the donor and donee are jointly and severally liable (section 59).
    ?
    The Commissioner may at any time raise an assessment on the donor or donee (or both) for the donations tax.? Including where the Commissioner is satisfied that the full amount of donation tax was not paid, raise an assessment for the difference.? The payment by either the donor or donee will discharge this joint liability (section 60(5)).
    ?

    What steps must I take?

    After making a donation you should complete the donations tax return? (Form IT144 - Declaration by donor / donee) and submit it to your nearest SARS branch together with your proof of payment. Donations tax payments must be made via eFiling.
    ?

    When should it be paid?

    Donations tax must be paid by the end of the month following the month during which the donation takes effect or such longer period as SARS may allow (section 60(1)).
    ?
    How does Donations Tax work in relation to an inheritance? Click here for more information.
    ?
    ?
    Last Updated: 04/10/2019 3:37 PM     print this page ?
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    ?Top FAQs

    What is Donations Tax?
    Donations tax is payable on the total value of property disposed of, whether directly or indirectly, by a resident by means of a donation.

    What is the rate of Donations tax?
    Donations tax is levied at a flat rate of 20% on the value of the property donated.

    Do any exemptions apply to Donations Tax?
    Under section 56(2) of the Income Tax Act, 1962, donations tax is not payable in respect of the sum of the value of all property disposed of under donations, by a donor who is a natural person,

    What happens when a disposal of property is considered "inadequate"?
    If any property has been disposed of for a consideration which, in the opinion of the Commissioner, is not an adequate consideration, that property is treated as having been disposed of by donation.




  • 美国首届“‘一带一路’亚洲商务论坛”即将在堪萨斯州举办 2019-10-08
  • 久久为功,扎实推进生态宜居的美丽乡村建设 2019-10-02
  • 秦春成任桂林市代市长 周家斌辞去市长职务(图简历) 2019-10-02
  • 回复@看着就想笑:你这种伪高工就是计划经济的产物,在市场经济中必然被淘汰!你肯定不会喜欢市场经济。但淘汰你正是市场经济不可比拟的优势:任何人都别想跟着混! 2019-10-01
  • 【专题】书记、市长去哪儿 2019-09-24
  • 武警驻滇某部坚持以考促训 现场评判现场亮分 2019-09-23
  • 【纯黑攻略】《恶灵附身2》逃生再临p3 2019-09-21
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  • 一切都是老板炒工人的鱿鱼 2019-09-17
  • 丰田致享直降1.3万元 少量现车欲购从速 2019-09-15
  • 电影人共聚“微博电影之夜” 张艺谋:如果不当导演就当守门员 2019-09-15
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