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  • 北京赛车pk10微信源码:Donations tax

    What is it?

    Donations tax is?levied at a flat rate of 20% on the cumulative value of property donated?not exceeding R30 million, and at a rate of 25% on the cumulative value exceeding R30 million?(sections 54 to 64 of the Income Tax Act, 1962).

    A donation is?widely defined and includes property disposed of for an inadequate consideration (section58).
    ?
    Exemptions

    Section 56(1) contains a list of exempt donations which include amongst others donations between spouses and donations to approved public benefit organisations.
    ?
    Current Annual exemptions

    A donation will be exempt if the total value of donations for a year of assessment does not exceed:
    • The first R100 000 of property donated in each year by a natural person?is exempt from donations tax.
    • In the case of a taxpayer who is not a natural person, the exempt donations are limited to casual gifts not exceeding R10 000 per annum in total. In other words, these are casual gifts by companies and trusts: R10 000 (section 56(2)(a)).
    • Dispositions between spouses and South African group companies and donations to certain public benefit organisations are exempt from donations tax.
    • Donations by individuals: R100 000 (from 2008 to 2018 years of assessment) (section 56(2) (a) and (b)).

    北京赛车pk10技巧 www.zzff8.com Also qualifying for exemption is so much of any bona fide contribution made by the donor towards the maintenance of any person. While not limited to a specific amount, this exemption is limited to?what the Commissioner considers reasonable (section 56(2)(c)).


    Deductions

    Deductions in respect of donations to certain public benefit organisations are limited to 10% of taxable income (excluding retirement fund lump sums and severance benefits). The amount of donations exceeding 10% of the taxable income is treated as a donation to qualifying public benefit organisations in the following tax year.

    Who is it for?

    Donations tax applies to any individual, company or trust that is a resident as defined in section 1 of the Income Tax Act, 1962.
    ?
    Non-residents are not liable for donations tax.
    ?
    The person making the donation (donor) is liable for the tax but if the donor fails to pay the tax within the? set period the donor and donee are jointly and severally liable for the tax (section 59).
    ?
    Public companies and public benefit organisations amongst others are exempt from donations tax (section 56(1) (h) and (n)).
    ?
    How does?Donations Tax?work in relation to an inheritance?, click here for more information.

    What steps must I take?

    After making a donation you should fill in form IT144 (Declaration by donor / donee) and submit it to your nearest SARS branch with your proof of payment.

    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)).
    ?
    A donation takes effect when all legal formalities for a valid donation have been complied with (section 55(3)).
    ?

    How should it be paid?

    Donations tax can be paid?via eFiling. For more information on payment rules, click here.
    To access this page in different languages click on the links below:
    Last Updated: 20/02/2019 2:07 PM     print this page ?
    SARS eFiling eFiling Login eFiling Register Now eFiling Forgot Password eFiling Forgot Username E@syFile
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    FIND AN FAQ

    ?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.




  • 十九大精神宣讲团报道集 2019-06-12
  • 空军多型多架战机绕飞祖国宝岛 2019-06-10
  • 7座水库新纳入联合调度 今年汉江防洪能力再提升 2019-06-10
  • 有力过好多次了,差一点丢了条膀子。 2019-06-07
  • 长城24小时客户端简介 2019-06-07
  • 全棉时代纯棉婴儿护理湿巾棉抽纸全棉纸巾棉柔巾全棉手帕纸婴儿湿巾组合套装系列 2019-06-06
  • 包“橘粽”着古装读《橘颂》 重庆大学生这样过端午 2019-06-06
  • 美酒美食 每天下午茶:曲奇配美酒曲奇 葡萄酒 2019-06-05
  • 具奋垄断因素的市场经济是变种的市场经济,这种市场经济不可能实现资源合理配置,只会造成畸形发展,导致社会经济的恶性病变。房地产市场现状是最好例证。 2019-06-01
  • 考古遗址公园相关新闻 2019-06-01
  • 印媒:不顾美国反对 印度坚持要买S400防空导弹 2019-05-28
  • 权健边路尖刀加盟初期曾被质疑 如今获球迷点赞 2019-05-28
  • 国务院关税税则委员会发布公告决定对原产于美国的500亿美元进口商品加征关税 2019-05-26
  • 州市 —频道 春城壹网 七彩云南 一网天下 2019-05-26
  • 忠实履行党的新闻舆论工作职责使命  不断提升传播力引导力影响力公信力 2019-05-25