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  • 北京赛车pk10现场: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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    ?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.




  • 敲黑板!“信息公开”不是“隐私公开”! 2019-08-18
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-08-16
  • 林志玲现身机场穿粉色上衣变活力少女 2019-08-14
  • 向“久拖不办”背后“伪作为”顽疾坚决说不 2019-08-11
  • 全国京东大鼓星火日活动举行 2019-08-08
  • 大牌开讲了丨颈椎有“烦心事”,听骨科专家如何化解 2019-08-07
  • 商务部公布多项进口产品反倾销调查文件 2019-08-07
  • 旅游市场再创佳绩端午假期河北接待游客2026.77万 揽金147.79亿 2019-08-03
  • 这是很容易检验的!家庭是按需分配的,也是各尽所能的。笑博士在家中,除按需分配外,还有什么是需要从家中按劳分配的,跟大家讲讲如何? 2019-08-01
  • 候选企业:泸州老窖股份有限公司 2019-08-01
  • 霍金长眠英国“荣誉宝塔尖” 2019-07-31
  • 重磅 江西省委副书记李炳军同志任省委党校校长 2019-07-31
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