Results 1 to 6 of 6

Thread: Gift rules.

  1. #1
    Diamond Member AndyD's Avatar
    Join Date
    Jan 2010
    Location
    Cape Town
    Posts
    4,923
    Thanks
    576
    Thanked 934 Times in 755 Posts

    Gift rules.

    Can anyone please tell me what the maximum amount you're allowed to receive tax free from someone overseas each year as a gift. Also is the yearly tax-free gift allowance per person or per family? Finally, does the gift allowance also apply to kids who are minors and have their own bank account but have never been registered as a tax payer?

    Thanks in advance.
    _______________________________________________

    _______________________________________________

  2. #2
    Diamond Member Mike C's Avatar
    Join Date
    Apr 2012
    Location
    Umkomaas
    Posts
    2,850
    Thanks
    249
    Thanked 371 Times in 327 Posts
    Hi AndyD,

    Here is an article by Wendy Knowler that appeared on Times live recently that may help.

    http://www.timeslive.co.za/consumerl...after-22-years
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

  3. Thanks given for this post:

    AndyD (20-Oct-16)

  4. #3
    Diamond Member AndyD's Avatar
    Join Date
    Jan 2010
    Location
    Cape Town
    Posts
    4,923
    Thanks
    576
    Thanked 934 Times in 755 Posts
    Thanks Mike. I didn't make things very clear in the OP, I was wondering about cash gifts being transferred into a SA bank account by family overseas. Are the allowance amounts the same for cash as they are for goods and parcels?
    _______________________________________________

    _______________________________________________

  5. #4
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    If it's cash, perhaps the answer is to call it a donation.

  6. #5
    Diamond Member AndyD's Avatar
    Join Date
    Jan 2010
    Location
    Cape Town
    Posts
    4,923
    Thanks
    576
    Thanked 934 Times in 755 Posts
    Would calling it a donation make a difference? I've got family overseas wanting to send our kids money for birthdays and Christmas, it's a about 4 thousand UK pounds in total, the kids are getting 1500 each and there's a thousand for me and wifey. I'm just trying to avoid it becoming a paperwork nightmare with SARS and FICA etc and obviously I'd rather it was free from tax if possible.
    _______________________________________________

    _______________________________________________

  7. #6
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    To be honest, I'm not certain. However, I do know that donations tax only kicks in at R100k, and is payable in the hands of the donor.

    That's considerably higher than the gift threshold
    So I suspect might not attract much attention.

  8. Thanks given for this post:

    AndyD (23-Oct-16)

Similar Threads

  1. Gift vouchers set up POS
    By Col in forum Accounting Forum
    Replies: 0
    Last Post: 04-Aug-15, 01:30 PM
  2. Claiming vat on gift cards
    By prineesha in forum Tax Forum
    Replies: 4
    Last Post: 20-May-15, 11:26 AM
  3. [Question] Gift vouchers and VAT
    By Praemon in forum Tax Forum
    Replies: 7
    Last Post: 11-Jul-13, 07:17 PM
  4. The gift that every woman wants.
    By Dave A in forum General Chat Forum
    Replies: 6
    Last Post: 16-Oct-06, 02:26 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •