Donation tax

meyer cohn
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Summary of donation tax
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Donation tax
1 Framework for calculating:
1.1 Was property disposed of by a resident? (s.54)
1.1.1 No
1.1.1.1
1.1.2 Yes
1.1.2.1 Was the property disposed of under any donation or deemed donation? (s.54, s.55 & s.58)
1.1.2.1.1 No
1.1.2.1.1.1
1.1.2.1.2 Yes
1.1.2.1.2.1 Is the donation exempt from donation tax? (s.56(1))
1.1.2.1.2.1.1 Yes
1.1.2.1.2.1.1.1
1.1.2.1.2.1.2 No
1.1.2.1.2.1.2.1 Is the donation a reasonable contribution towards maintenance of a person? (s.56(2))
1.1.2.1.2.1.2.1.1 Yes
1.1.2.1.2.1.2.1.1.1 No donation tax
1.1.2.1.2.1.2.1.2 No
1.1.2.1.2.1.2.1.2.1 Calculate TAXABLE donations = Total donations less annual exclusion ( non-natural=R 10,000 ; natural=R 100,000)
1.1.2.1.2.1.2.1.2.1.1 Residual x 20%
1.1.2.1.2.1.2.1.2.1.1.1 Payable at the end of the month following the month when donation takes effect
2 Do not apply to non-residents
3 CGT effect
3.1 Should be included in base cost (par 22)
4 Deemed donations
4.1 Value of the property less consideration payable by the acquiree
4.2 Property disposed of for consideration not appropriate as per Commisioner
5 Specific exemptions (s.56(1))
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