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10 December 2020 06:31
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If you intend making a donation to someone or are the recipient of a gift, it is important to know and understand the tax implications thereof. Further, if you make charitable donations in pursuit of your philanthropic goals, there are certain tax benefits you can take advantage of.
According to Sars, a donation refers to gratuitous disposal of property or any gratuitous waiver of a right. This means that a donation does not have to take the form of money – it can include a physical asset or something that has a deemed value. Donations can include gifting a car to your child, helping a friend out financially, or anything else given away ‘for free’. Even selling a property to your child at a discounted price will amount to a donation which may be taxable.

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